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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) In the disposition (including leasing) of multifamily properties acquired by HUD that are located in a floodplain (a 500–year floodplain for a Critical Action), the documents used for the conveyance must:
(1) Refer to those uses that are restricted under identified federal, state, or local floodplain regulations; and
(2) Include any land use restrictions limiting the use of the property by a grantee or purchaser and any successors under state or local laws.
(b)(1) For disposition of multifamily properties acquired by HUD that are located in a 500–year floodplain and contain Critical Actions, HUD shall, as a condition of approval of the disposition, require by covenant or comparable restriction on the property's use that the property owner and successive owners provide written notification to each current and prospective tenant concerning:
(i) The hazards to life and to property for those persons who reside or work in a structure located within the 500–year floodplain, and
(ii) The availability of flood insurance on the contents of their dwelling unit or business.
(2) The notice shall also be posted in the building so that it will be legible at all times and easily visible to all persons entering or using the building.
Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.55.22 Conveyance restrictions for the disposition of multifamily real property - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-55-22/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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