Flooded Homeowner Financial Relief Act of 2018

Bill: 115-hr-5618
Sponsor: full_name: Rep. Faso, John J. [R-NY-19]
Introduced: 2018-04-25
Policy area: Finance and Financial Sector
Subjects: Disaster relief and insurance

Floods and storm protection

Insurance industry and regulation

Life, casualty, property insurance

Natural disasters
Latest action: action_date: 2018-04-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-04-25
action_desc: Introduced in House
text: <p><b>Flooded Homeowner Financial Relief Act of 2018 </b></p> <p>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&nbsp;program shall be exempt from the requirement to purchase flood insurance.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5618 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.

1. Short title This Act may be cited as the Flooded Homeowner Financial Relief Act of 2018 . 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. .