[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR55.22]

[Page 403]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 55_FLOODPLAIN MANAGEMENT--Table of Contents
 
 Subpart C_Procedures for Making Determinations on Floodplain Management
 
Sec. 55.22  Conveyance restrictions for the disposition of multifamily 
real property.

    (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.

[59 FR 19107, Apr. 21, 1994, as amended at 59 FR 33199, June 28, 1994]