MORE ON SUPERSTORM SANDY

Yesterday, Governor Andrew M. Cuomo submitted New York State's proposal for housing and business recovery programs to help New Yorkers devastated by Superstorm Sandy, as well as Hurricane Irene and Tropical Storm Lee. One of these programs is discussed below:
 

Recreate NY Smart Home Buyout Program - $171 million: Certain areas are at high risk for repeated flooding, causing damage to homes and risking the lives of residents and emergency responders. To reduce those risks and provide residents with an opportunity to leave their properties, New York State will offer voluntary Buyouts for homes that were:

• substantially damaged inside the 500-year flood plain, or
• located within designated buyout areas where damage occurred and where property may be susceptible to future damage due to sea level rise and other factors. These enhanced buyout areas will be selected in consultation with county and local government officials.
• In very high risk areas, there will be a prohibition on rebuilding and these areas will be used as buffer zones. Under the States proposal, and subject to approval by HUD, re-development of property outside of the100-year floodplain that is acquired through a buyout would be permitted, so long as the new structure is built to mitigate future flood impact. Homeowners will be notified if they are eligible for a buyout after HUD has approved this plan.

Homeowners eligible for a buyout will receive the full pre-storm fair market value for their home up to the FHA loan limit. An incentive of up to 5% will also be offered to families that relocate within their home county or borough.