Int Q&A – Condo and Co-op 1 – Are residential condominiums, including multi-story condominium complexes, subject to the statutory and regulatory requirements for flood insurance?

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Q:  Condo and Co-op 1 – Are residential condominiums, including multi-story condominium complexes, subject to the statutory and regulatory requirements for flood insurance?
 
A:   Yes. The mandatory flood insurance purchase requirements under the Act and Regulation apply to loans secured by individual residential condominium units, including those located in multi-story condominium complexes, located in an SFHA in which flood insurance is available under the Act. The mandatory purchase requirements also apply to loans secured by other residential condominium property, such as loans to a developer  for construction of the condominium or loans to a condominium association.
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the Interagency Questions and Answers Regarding Flood Insurance, which were issued on 05/11/2022.  They were published in the Federal Register on 05/31/2022 and may be found here:  https://www.federalregister.gov/documents/2022/05/31/2022-10414/loans-in-areas-having-special-flood-hazards-interagency-questions-and-answers-regarding-flood
 

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