Flood Risk Transparency for Homebuyers Act

HR 7310, the Flood Risk Transparency for Homebuyers Act, requires the Department of Housing and Urban Development (HUD) to disclose specific flood risk information when selling certain foreclosed properties. It mandates that HUD provide homebuyers with the estimated monthly flood insurance cost for the property's ZIP code and whether the property is classified as a "severe repetitive loss property" (a property that has flooded multiple times). The bill applies only to HUD-owned 1-to-4 unit residential properties in flood zones acquired through FHA-insured foreclosures. Additionally, HUD and FEMA must submit an annual report to Congress detailing flood insurance claims filed on these sold properties. This law aims to improve transparency about flood risks for buyers of these specific HUD properties.