,,ii  #aagth ,,congress  #ast ,session  
,s4 #bidg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #f1   
#bjba,mr4 ,rubio introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to require the ,secretary of   
,housing and ,urban ,development to     
provide a disclosure notice to          
homebuyers of properties owned by the   
,department of ,housing and ,urban      
,development that are located in special
 flood hazard areas1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,flood ,risk        
,transparency for ,homebuyers ,act4  #b4
 ,definitions ,in this ,act3 7#a7       
,administrator ,the term ,administrator 
means the ,administrator of the ,federal
 ,emergency ,management ,agency4  7#b7  
,covered property ,the term covered     
property means a #a-to-#d unit          
residential property-- 7,a7 acquired by 
the ,department as a result of a        

foreclosure action on a mortgage insured
 by the ,federal ,housing               
,administration under title ,,ii of the 
,national ,housing ,act 7#ab ,u4,s4,c4  
#agjg et seq472 and  7,b7 located in a  
special flood hazard area according to a
 flood hazard boundary map or flood     
insurance rate map issued by the        
,administration4  7#c7 ,department ,the 
term ,department means the ,department  
of ,housing and ,urban ,development4    
7#d7 ,national ,flood ,insurance        
,program ,the term ,national ,flood     
,insurance ,program means the program   
established under the ,national ,flood  
,insurance ,act of #aifh 7#db ,u4,s4,c4 
#djja et seq474  7#e7 ,secretary ,the   
term ,secretary means the ,secretary of 
,housing and ,urban ,development4  7#f7 
,severe repetitive loss property ,the   
term severe repetitive loss property has
 the meaning given the term in section  
#acjg7;h7 of the ,national ,flood       
,insurance ,act of #aifh 7#db ,u4,s4,c4 
#djad7;h774  #c4 ,requirement to provide

 disclosure to homebuyers of properties 
located in special flood hazard areas   
7a7 ,in general ,when listing a covered 
property for sale by the ,department1   
the ,secretary shall provide a          
disclosure notice that includes-- 7#a7  
the estimated monthly cost of insurance 
for the covered property under the      
,national ,flood ,insurance ,program for
 the zip code in which the covered      
property is located2 and  7#b7 whether  
the covered property is a severe        
repetitive loss property4  7b7 ,annual  
report ,not later than #a year after the
 date of enactment of this ,act1 and    
annually thereafter1 the ,secretary and 
the ,administrator shall submit to      
,congress a joint report on covered     
properties sold by the ,department for  
which claims were filed under the       
,national ,flood ,insurance ,program    
during the year covered by the report1  
including whether the covered property  
is a severe repetitive loss property4