New York State will pay the owner’s share of buyouts to properties damaged by tropical storms Irene and Lee.
Governor Cuomo announced the state’s decision on Monday. Over 1,100 properties across 17 counties, including Tioga and Broome, are expected to be bought out through FEMA after suffering severe storm damage.
Under the terms of the buyout program, FEMA covers 75 percent of the total cost of acquisition, demolition, and restoration of the properties. Unless local or state governments were to help with the buyout, the property owner would be responsible for the remaining 25 percent.
Local governments are not required to help cover any costs, but the Town of Union had already agreed to help out the property owners. Union and other local governments will no longer have to help cover the costs, as the state is stepping in to pick up all property owners’ shares across the state, about $48.5 million.
Cuomo says New York will pick up that portion of the cost by using a federal block grant to the state, which was announced last month and totals $1.7 billion.
