Coast property could be eligible for federal flood-buyout program
Published: July 18,2012
Tags: buyout, county government, elevation, federal aqgency, federal government, flood, flooding, home, homeowners insurance, house, hurricaner, insurance, land, property, real estate, residence, residential real estate, severe weather, tropical weather, Weather
JACKSON COUNTY — Eighty-six properties in Jackson County could be eligible for the federal government’s home elevation or buyout program.
The Mississippi Press reports supervisors were told this week that notices would be sent out to eligible property owners to determine if they are interested.
In February, the county hired Thompson Consulting Services to submit an application for FEMA’s Severe Repetitive Loss grant program.
The program is meant to reduce or eliminate the long-term risk of flood damage to severe repetitive loss structures insured under the National Flood Insurance Program.
Supervisors were told that the eligible properties are spread throughout the county.
David Gardner with Thompson Consulting said interested property owners would have two options: to elevate the home or be bought out. He said any buy-out property would be turned over to the county to be maintained as a green space.
Homeowners will be notified through the mail of their eligibility, but others who believe they may be eligible and want to participate may contact the county planning department or grant department to learn more.
“Even if they’re not on the list, we can work with them to see if they meet the criteria,” Gardner said.
Before a buyout plan is approved, FEMA officials analyze the flood damage history and current value of each targeted home to determine which would cost the federal government less in the long run: continued disaster aid for future floods or a one-time purchase that severs the funding line for good.
The program also provides for the elevating of homes in areas that repeatedly flood.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- Pharma Pac lays off rest of workers; could end up owing state
- Silver Airways ordered to continue service
- Ole Miss launches commitment to be 'climate neutral'
- After review, MSU moves forward on new research facility
- SpaceX, Stennis officially open new rocket test stand
- Acco Brands investing $1.6M, adding 162 workers
- Two Delta groups getting economic development funding