To exempt properties located in flood hazard areas that are participating in an approved buy-out program from the mandatory purchase requirement under the National Flood Insurance Program, and for other purposes.

Flooded Homeowner Financial Relief Act of 2018 This bill exempts certain property from the National Flood Insurance Program's mandatory purchase requirement. Specifically, a flood-hazard-area property that is part of a binding agreement for open-space conversion under an approved buy-out program shall be exempt from the requirement to purchase flood insurance.