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