Governor Cuomo wants to utilize four hundred million dollars of federal housing money to fund a buyout program of homes destroyed by Superstorm Sandy. Governor Cuomo had stated these homeowners are trapped because no one will buy their home since it was destroyed and it was in a flood zone. He wants the state to pay one hundred percent (100%) of the pre-storm value of these homes. Governor Cuomo seeks to target the hardest hit areas with his buyout plan.
Qualifying for the Buyout
For a homeowner to qualify for a buyout, the home must have sustained more than fifty percent (50%) damage. This damage must have reduced the home’s value by more than half of its pre-market value. In addition, the governor is working with both Nassau and Suffolk counties to provide funds for homeowners to raise the elevation of their homes and to rebuild their homes stronger so they will withstand future storms. Governor Cuomo stated, AI would rather spend more money and build back a home the right way, with the right design and the right technology, than build it back in two years and in four years and in six years.
Governor Cuomo was confident since New York State has been awarded thirty billion dollars by the Federal government there would be sufficient funds to cover these buyouts.
About the Author
Elliot S. Schlissel, Esq. has been representing homeowners throughout the metropolitan New York area for more than twenty five (25) years regarding real estate issues, issues concerning fraudulent foreclosures, loan modifications, and improper bank practices andforeclosures. His law firm seeks to keep homeowners facing foreclosure in their homes.
