Laserfiche WebLink
2.11 FLOOD INSURANCE <br />If the project is located in an area that has been identified by the Federal Emergency <br />Management Agency as an area having special flood hazards and if the sale of flood <br />insurance has been made available under the National Flood Insurance Program, the <br />owner agrees that: (1) the project will be covered, during the life of the property, by flood <br />insurance in an amount at least equal to its development or project cost (less estimated <br />land cost) or to the limit of coverage made available with respect to the particular type of <br />property under the National Flood Insurance Act of 1968, whichever is less; and (2) that <br />it will advise any prospective purchaser or transferee of the property in writing of the <br />continuing statutory requirement to maintain such flood insurance during the life of the <br />property. <br />Previous Editions are obsolete <br />Page 15 of 15 HUD 52531B <br />Agreement, Part 2 of 2 <br />4-35 <br />Project -based Voucher Program <br />