Coastal Barrier Expansion and New Property Disclosure Rules.
This new law expands protected areas along U.S. coasts, known as the John H. Chafee Coastal Barrier Resources System. It mandates disclosure to prospective buyers about properties located within these areas and modifies rules for federal financial assistance and flood insurance in these zones. The aim is to better protect coastal ecosystems and reduce risks to people and property.
Key points
More coastal areas will be protected, potentially impacting development and construction in these regions.
Sellers or lessors of properties in newly designated areas must disclose their location within the protected system to potential buyers.
Rules for federal financial assistance and flood insurance for properties in these areas are changing, which may affect costs and availability of insurance.
The act mandates a study of coastal ecosystem dynamics to better prepare for hazards like flooding and sea level rise.
Status:
Became Law
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