CFR > Title 24 - Housing and Urban Development > SUBTITLE A—Office of the Secretary, Department of Housing and Urban Development > PART 55—FLOODPLAIN MANAGEMENT > SUBPART C—Procedures for Making Determinations on Floodplain Management (§55.20 to §55.27) > 55.21—Notification of floodplain hazard.

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.