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July 25, 2014

NY Weighs Giving Sandy Victims Full Value for Destroyed Homes

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NY Weighs Giving Sandy Victims Full Value for Destroyed Homes

Months after Superstorm Sandy’s widespread destruction along the East Coast, home owners are still grappling with what to do with their damaged homes and state officials are weighing several options in how to help. 

New York Gov. Andrew Cuomo proposed Monday allocating $51 billion of the state’s disaster relief package for a buyout program. If approved, the program would offer home owners full market value for their homes that were destroyed during Sandy. The eligible homes would have to be in the 100-year flood plain and had been substantially damaged by the storm and flooding.

Up to 1,500 home owners would likely apply for the program, according to state official estimates. 

Cuomo also proposed Monday allocating up to $400 million to buy up homes severely damaged by Superstorm Sandy and demolish them. The land would then be preserved as undeveloped coastline.

Source: “Superstorm Sandy Buyout Program Would Offer Storm Victims Full Market Value for Destroyed Homes,” The Associated Press (Feb. 4, 2013)

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