Washington, DC – Today, Reps. Lois Frankel (D-FL-22) and Mario Díaz-Balart (R-FL-26) issued the following statements after introducing the Flood Risk Transparency for Homebuyers Act, a bill that requires the U.S. Department of Housing and Urban Development (HUD) to provide a notice if homebuyers are purchasing properties owned by HUD that are located in special flood hazard areas. When purchasing a property, homebuyers are often unaware that the property is located within a flood zone, and therefore can face unexpected financial burdens when purchasing flood insurance or after a natural disaster hits. Under this bill, buyers will have important information about flood risks before purchasing a property.

 “Floridians know all too well about hurricanes and tornadoes,” said Rep. Frankel. “These disasters often cause floods, which lead to extensive damage to families’ homes and pocketbooks. This bill would require that HUD put homebuyers on notice if they are purchasing a HUD property within a flood zone so buyers can make an informed purchase regarding flood risks.”

“In Florida, we’ve experienced firsthand the devastating impact of hurricanes and other storms," said Rep. Mario Díaz-Balart. "Property owners have borne the brunt of this, especially with flood damage. Many homebuyers discover too late that their property is located in a flood zone. For this reason, ensuring full transparency for homebuyers before purchasing a HUD-owned property is paramount. It’s a privilege to co-lead this legislation alongside my Floridian colleague Rep. Lois Frankel, and I commend Senator Marco Rubio for his leadership on this critical issue affecting all Floridians.”

For full text of the bill, click here. 

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