"Notice of Special Flood Hazards Availability of Federal Disaster Relief Assistance" is a American Lawyer Media form. This form servesnotice to special hazards availability of Federal Disaster Relief Assistance.
"Notice of Special Flood Hazards Availability of Federal Disaster Relief Assistance" is a American Lawyer Media form. This form servesnotice to special hazards availability of Federal Disaster Relief Assistance.
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Flood hazard areas identified on the Flood Insurance Rate Map are identified as a Special Flood Hazard Area (SFHA). SFHA are defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year.
STANDARD FLOOD HAZARD DETERMINATION FORM (SFHDF)
The intended purpose of the loan, as opposed to the collateral, is the critical factor in the applicability of the flood insurance rules. Institutions may charge a fee for life-of-loan monitoring.
The FDPA requires federal financial regulatory agencies to adopt regulations prohibiting their regulated lending institutions from making, increasing, extending or renewing a loan secured by improved real estate or a mobile home located or to be located in an SFHA in a community participating in the NFIP unless the ...
(6) A statement whether Federal disaster relief assistance may be available in the event of damage to the building or mobile home caused by flooding in a Federally declared disaster.
(1) A warning, in a form approved by the Administrator of FEMA, that the building or the mobile home is or will be located in a special flood hazard area; (2) A description of the flood insurance purchase requirements set forth in section 102(b) of the Flood Disaster Protection Act of 1973, as amended (42 U.S.C.
The National Flood Insurance Reform Act of 1994 strengthened the NFIP with a number of reforms that included increasing the focus on lender compliance, creating mitigation insurance and developing a mitigation assistance program to further reduce the costly and devastating impacts of flood.
Objectives of the FDPA: Provide flood insurance to owners of improved real estate located in SFHAs of communities participating in the NFIP. Require communities to enact measures designed to reduce or avoid future flood losses as a condition for making federally subsidized flood insurance available.
Federally-regulated lending institutions complete this form when making, increasing, extending, renewing or purchasing each loan for the purpose is of determining whether flood insurance is required and available.
Flood insurance will be required if the home equity loan is secured by a building or mobile home located, or to be located, in an Special Flood Hazard Area (SFHA) in which flood insurance is available under the National Flood Insurance Act.