Voluntary Property Acquisition Program

Updated: September 2009

Buyout Funding Announced for 117 Properties

On August 19, 2009, the Federal Emergency Management Agency (FEMA) approved Hazard Mitigation Grant Program (HMGP) funding for the acquisition of 117 of the 167 properties in the Greenway Acquisition Area. The 50 determined to be ineligible for this funding are now included in the City’s application for funding through the Community Development Block Grant (CDBG) Program. 

For the 117 properties approved for a buyout, the following steps will occur:

1. Meeting to review the preliminary Duplication of Benefits report from the state and provide receipts for cleaning and securing the flood-affected property, repairing flood-affected property and/or rental expenses
2. State finalizes Duplication of Benefits determination
3. Offer to Purchase prepared based on the pre-flood assessed value of the property minus the Duplication of Benefits amount

Buyout timeline for the 117 approved properties:

• August 19, 2009 - Funding award announced
• September & October 2009 – Duplication of benefits checks completed by the State and Offers to Purchase prepared
• November 2009 – Offers to Purchase made to property owners and title documents updated/prepared
• December 2009– Closings conducted with timing based on gaining clear title
• January 2010 – Demolition of acquired properties begins

The 117 Buyouts List