Home » NEWS » Flooded homeowners opt for buyout program

Flooded homeowners opt for buyout program

VICKSBURG — Eighteen North Vicksburg homeowners who suffered damage from the Mississippi River flooding this spring have signed up for the city’s buyout program.

The Vicksburg Post reports the voluntary buyout will be conducted in two phases.

The first involves homes in the flood plain known as the city’s 1 percent area and were determined by city building inspectors to have substantial damage, which is 50 percent or more of the home’s value.

The second phase involves homes in the flood plain that did not qualify for the first phase, either because they were not the property owner’s main residence, or did not have substantial damage.

The buyout’s second phase starts Jan. 1. The application deadline for both phases was last Friday.

The city is expected to fund 25 percent of the buyout, with the Federal Emergency Management Agency funding 75 percent.

Money for the buyout is expected to be available by March 1.

Officials have said settlements will be based on a home’s appraised value before the flood. If homeowners received assistance before the buyout, that money will be deducted from the settlement. Homeowners do not have to accept the city’s offer.

Officials said six homeowners applied for the buyout’s first phase, and 12 applied for the second phase.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*