Streams

Cuomo Offers Sandy Homeowners Less Money in Buyout Program

Thursday, April 18, 2013

The Cuomo administration is telling homeowners to expect to get a lot less money if they want their Sandy-damaged properties to be bought out by the state.

Under a revised plan submitted to the federal government (PDF p. 41), only homeowners in the most vulnerable flood areas, called V zones, would be eligible to receive the pre-storm value of their homes. Others would have their houses appraised at their post-storm value.

The program will also extend pre-storm prices to homeowners in certain targeted areas, as in the buyouts underway in Oakwood Beach, Staten Island. But the plan says those "will be very limited in scope."

A state official says the old plan was changed because the Bloomberg administration was concerned it would have let too many properties revert to open space. That's because federal rules require that anything bought at full market value has to be kept undeveloped forever, to create flood overflow areas. Acquiring homes at post-storm values permits someone else to redevelop the properties.

 

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Comments [3]

Cathy Gardner from Broad Channel, NY

So now we know the real reason why Broad Channel, Queens, NY has been changed from Zone V back to it's original Zone A, because Bloomie wants to grab the land for developers!!!! Not surprising at all!

Apr. 25 2013 06:53 PM
joe from new dorp beach

WE were told that if we live in the v zone we would get 100% value of our home now they want to change the flood maps so less homeowners will receive any money the gov of ny will not my vote any more.

Apr. 23 2013 09:46 PM
Angela from Midland beach.

The intensity of corruption is growing wildly in our own back yards. Enough is enough!
The USA is turning the American Dream to a Governized Crime Organization. The officials are only a mouthful of sour promises. The banks are a draw full of counterfeit, and the Insurance Companies are certified burglars!

Apr. 20 2013 07:30 AM

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