[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR55.21]



[Page 405]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 55_FLOODPLAIN MANAGEMENT--Table of Contents

 

 Subpart C_Procedures for Making Determinations on Floodplain Management

 

Sec.  55.21  Notification of floodplain hazard.



    For HUD programs under which a financial transaction for a property 

located in a floodplain (a 500-year floodplain for a Critical Action) is 

guaranteed, approved, regulated or insured, any private party 

participating in the transaction and any current or prospective tenant 

shall be informed by HUD (or by HUD's designee, e.g., a mortgagor) or a 

grant recipient subject to 24 CFR part 58 of the hazards of the 

floodplain location before the execution of documents completing the 

transaction.