Sen. Marco Rubio (R-FL) said he has introduced legislation requiring the Department of Housing and Urban Development (HUD) to provide greater transparency regarding flood zone property purchases.
Officials said the Flood Risk Transparency for Homebuyers Act mandates HUD give potential homebuyers a disclosure notice if the HUD listed properties are located in a flood zone and considered a Repetitive Loss property via National Flood Insurance Program (NFIP) guidelines.
“Homebuyers deserve to have the full facts when they are purchasing property from HUD, especially if the home is at risk of flooding,” Rubio said. “My bill would require HUD to disclose this important information to buyers, potentially saving them money and hardship in the future.”
Reps. Mario Diaz-Balart (R-FL) and Lois Frankel (D-FL) introduced companion legislation in the House of Representatives.
“Floridians know all too well the damage caused by a storm or hurricane, particularly flood damage,” Diaz-Balart said. “Unfortunately, homebuyers are often unaware that their property is located in a flood zone until it’s too late. For this reason, it’s crucial that homebuyers receive full transparency before purchasing a HUD-owned property. I’m proud to lead this legislation in the House along with my colleague, Lois Frankel, and I thank Senator Rubio for his leadership on this important issue for Floridians.”
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