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