Flooded Homeowner Financial Relief Act of 2018

Flooded Homeowner Financial Relief Act of 2018

This bill exempts certain property from the National Flood Insurance Program's mandatory purchase requirement. Specifically, a flood-hazard-area property that is part of a binding agreement for open-space conversion under an approved buy-out program shall be exempt from the requirement to purchase flood insurance.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5618 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5618

      To exempt properties located in flood hazard areas that are 
    participating in an approved buy-out program from the mandatory 
 purchase requirement under the National Flood Insurance Program, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2018

    Mr. Faso (for himself and Mr. Gonzalez of Texas) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
      To exempt properties located in flood hazard areas that are 
    participating in an approved buy-out program from the mandatory 
 purchase requirement under the National Flood Insurance Program, 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 ``Flooded Homeowner Financial Relief 
Act of 2018''.

SEC. 2. EXEMPTION OF BUY-OUT PROPERTIES FROM MANDATORY PURCHASE 
              REQUIREMENT.

    Subsection (c) of section 102 of the Flood Disaster Protection Act 
of 1973 (42 U.S.C. 4012a(c)) is amended by adding at the end the 
following new paragraph:
            ``(4) Buy-out properties.--Notwithstanding any other 
        provision of this section, flood insurance shall not be 
        required for any residential property--
                    ``(A) that is located in an area having special 
                flood hazards; and
                    ``(B) for which a binding commitment has been made 
                to acquire the property, demolish the residential 
                structure located on the property, and designate the 
                property for open-space use, under a Federal, State, 
                local, or other program for such buy-outs that meets 
                such requirements as the Administrator shall require to 
                ensure that such open-space use is accomplished.''.
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