[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: 24CFR55.22]



[Page 405-406]

 

                 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.



[[Page 406]]



    (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]