H.R. 7310

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7310 Introduced in House (IH)]

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118th CONGRESS
2d Session
H. R. 7310

To require the Secretary of Housing and Urban Development to provide a 
disclosure notice to homebuyers of properties owned by the Department 
of Housing and Urban Development that are located in special flood 
hazard areas, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

February 9, 2024

Mr. Diaz-Balart (for himself, Ms. Lois Frankel of Florida, Mr. Gimenez, 
Ms. Wasserman Schultz, Ms. Salazar, and Mr. Waltz) introduced the 
following bill; which was referred to the Committee on Financial 
Services

_______________________________________________________________________

A BILL

To require the Secretary of Housing and Urban Development to provide a 
disclosure notice to homebuyers of properties owned by the Department 
of Housing and Urban Development that are located in special flood 
hazard areas, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Flood Risk Transparency for 
Homebuyers Act''.

SEC. 2. DEFINITIONS.

In this Act:
(1) Administrator.--The term ``Administrator'' means the 
Administrator of the Federal Emergency Management Agency.
(2) Covered property.--The term ``covered property'' means 
a 1-to-4 unit residential property--
(A) acquired by the Department as a result of a 
foreclosure action on a mortgage insured by the Federal 
Housing Administration under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.); and
(B) located in a special flood hazard area 
according to a flood hazard boundary map or flood 
insurance rate map issued by the Administration.
(3) Department.--The term ``Department'' means the 
Department of Housing and Urban Development.
(4) National flood insurance program.--The term ``National 
Flood Insurance Program'' means the program established under 
the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et 
seq.).
(5) Secretary.--The term ``Secretary'' means the Secretary 
of Housing and Urban Development.
(6) Severe repetitive loss property.--The term ``severe 
repetitive loss property'' has the meaning given the term in 
section 1307(h) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4014(h)).

SEC. 3. REQUIREMENT TO PROVIDE DISCLOSURE TO HOMEBUYERS OF PROPERTIES 
LOCATED IN SPECIAL FLOOD HAZARD AREAS.

(a) In General.--When listing a covered property for sale by the 
Department, the Secretary shall provide a disclosure notice that 
includes--
(1) the estimated monthly cost of insurance for the covered 
property under the National Flood Insurance Program for the ZIP 
Code in which the covered property is located; and
(2) whether the covered property is a severe repetitive 
loss property.
(b) Annual Report.--Not later than 1 year after the date of 
enactment of this Act, and annually thereafter, the Secretary and the 
Administrator shall submit to Congress a joint report on covered 
properties sold by the Department for which claims were filed under the 
National Flood Insurance Program during the year covered by the report, 
including whether the covered property is a severe repetitive loss 
property.
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