Tags: cuomo | buy | beachfront | homes | sandy

Cuomo Seeks $400 Million to Buy New York Beachfront Homes

Monday, 04 Feb 2013 01:42 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Governor Andrew Cuomo wants to use $400 million in federal funding to buy beachfront homes as he seeks to reshape the New York coastline so the state is better prepared for storms like Hurricane Sandy.

The cash would come from the $51 billion Congress approved last month to help the region recover from the Oct. 29 storm, according to Commissioner Joseph Martens of the Environmental Conservation Department. The governor would use the money to pay owners the pre-storm value of their homes. More than 300,000 houses in New York were damaged by Sandy.

Once sold, the houses would be razed and the land would remain vacant. The program is part of a wider effort to reshape the coastline that Cuomo proposed in his January State of the State address. The 55-year-old Democrat also wants to build dunes, wetlands and other natural barriers.

“The goal is that when these buyouts occur, that the property be held as open space,” Martens said today at a budget hearing in Albany. “In some cases, there’ll be an opportunity to use those properties for shoreline protection.”

HUD Approval

A state Senate task force today will release recommendations on how New York should prepare for future storms. Last month, a panel commissioned by Cuomo proposed building oyster beds, a rapid bus network and storm barriers in New York Harbor that would cost from $7 billion to $29 billion.

Cuomo’s buyout plan needs approval from the U.S. Housing and Urban Development Department, which he headed during President Bill Clinton’s second term. Brendan Gilfillan, a spokesman for the Hurricane Sandy Rebuilding Task Force headed by HUD Secretary Shaun Donovan, didn’t respond to an e-mail requesting comment. The New York Times reported the specifics of the proposal today.

About 10,000 homes in the 100-year flood plain that were damaged by Sandy would qualify for buyouts, and the Cuomo administration said it expects between 10 and 15 percent to take the option, an administration official with knowledge of the specifics said. The official requested anonymity because Cuomo hasn’t announced the plan.

Homeowners relocating within the county in which they live would get a 5 percent bonus above market value. A 10 percent bonus would be available to owners who live in vulnerable areas yet suffered little to no damage. In highest-risk areas, a 10 percent bonus would be given to owners along specific blocks if everyone on the block agrees to sell.

Martens said the Army Corps of Engineers has already agreed to do $150 million in repairs to existing coastal protections. His department has asked the corps to consider work on other projects, including a new dune system to protect Long Beach, he said. The city on Long Island was devastated by flooding when the ocean crossed over it and met the bay to its north.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

FCC: We Need Cellphones To Pinpoint a Caller's Location

Thursday, 20 Nov 2014 13:23 PM

New cellphone rules proposed by the Federal Communications Commission for emergency, or 911, calls would pinpoint a call . . .

Tennessee Makes Push to Rid State of Common Core

Thursday, 20 Nov 2014 22:09 PM

A pair of Republican state senators in Tennessee have introduced legislation that would ultimately stop the state's scho . . .

Bills-Jets Game Moved to Monday in Detroit After Buffalo Blizzard

Thursday, 20 Nov 2014 21:35 PM

The National Football League game between the New York Jets and the homestanding Bills will be shifted from Buffalo to D . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved