Flooded homeowners opt for buyout program
by Associated Press
Published: October 6,2011
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.
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