State offers buyouts for flood damaged homes
NORWICH – Property owners who suffered enough damage during the 2006 flood to see a decrease in their property assessment could get some aid from the state.
At the May meeting of the City of Norwich Public Safety/Public Works Committee, Emergency Management Officer A. Wesley Jones said the state has allocated $15 million for the acquisition of one and two-family homes that were damaged by flooding and posed a future risk. Approximately $275,000 is estimated to be allocated to properties in Chenango County.
Eleven counties in the Southern Tier and Catskill region will be involved in the program, which will be overseen by the State Division of Housing and Community Renewal. In the past, the Federal Emergency Management Agency has administered similar programs, but this one will be administered by the state.
The program would provide funds to buyout the mortgages on some properties and pay for the costs of demolition. While the details of the program have not yet been released, it is clear that the properties would have to be used for some kind of “green” purpose and could not be redeveloped. “The goal is to remove properties that could demonstrate future losses,” Jones said. It isn’t clear whether the state or the municipality would then own the property.
“A lot of people still have mortgages and are paying for a house they can’t live in,” Jones said. “This program will assist with that.” At the Public Safety/Public Works meeting, Jones told city officials that at least one property owner in the city had expressed an interest in the program. The owner of the property, located on Prentice Street, saw his house damaged beyond repair in the 2006 flood.
The Chenango County Emergency Management Office is compiling a list of home owners who saw a reduction in their assessments based on the flooding. “There are probably at least a couple dozen homeowners that saw a reduction in their assessments,” Jones said. Details explaining how homeowners will be chosen for the program have not yet been determined.
If all of the funds are not used, Jones said they will probably have to be returned to the state, but he expects to see more interest in the program than there are funds available.
County officials will soon be meeting with representatives from the Division of Housing and Community Renewal to learn what the guidelines for the program will be.
At the May meeting of the City of Norwich Public Safety/Public Works Committee, Emergency Management Officer A. Wesley Jones said the state has allocated $15 million for the acquisition of one and two-family homes that were damaged by flooding and posed a future risk. Approximately $275,000 is estimated to be allocated to properties in Chenango County.
Eleven counties in the Southern Tier and Catskill region will be involved in the program, which will be overseen by the State Division of Housing and Community Renewal. In the past, the Federal Emergency Management Agency has administered similar programs, but this one will be administered by the state.
The program would provide funds to buyout the mortgages on some properties and pay for the costs of demolition. While the details of the program have not yet been released, it is clear that the properties would have to be used for some kind of “green” purpose and could not be redeveloped. “The goal is to remove properties that could demonstrate future losses,” Jones said. It isn’t clear whether the state or the municipality would then own the property.
“A lot of people still have mortgages and are paying for a house they can’t live in,” Jones said. “This program will assist with that.” At the Public Safety/Public Works meeting, Jones told city officials that at least one property owner in the city had expressed an interest in the program. The owner of the property, located on Prentice Street, saw his house damaged beyond repair in the 2006 flood.
The Chenango County Emergency Management Office is compiling a list of home owners who saw a reduction in their assessments based on the flooding. “There are probably at least a couple dozen homeowners that saw a reduction in their assessments,” Jones said. Details explaining how homeowners will be chosen for the program have not yet been determined.
If all of the funds are not used, Jones said they will probably have to be returned to the state, but he expects to see more interest in the program than there are funds available.
County officials will soon be meeting with representatives from the Division of Housing and Community Renewal to learn what the guidelines for the program will be.
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