Buyouts of Hurricane Sandy Damaged Homes Announced in Sayreville and South River, New Jersey
For many of those impacted by Hurricane Sandy, the idea of finding someone to purchase their home at pre-Sandy market value would be a dream come true. For others, the idea of leaving their homes at any price would be a nightmare. But regardless of how you may feel about the situation, Hurricane Sandy continues to impact homeowners in New Jersey communities like Sayreville, South River, Woodbridge, Old Bridge and other flood prone areas.
New Jersey Governor Chris Christie announced on July 16, 2013 that the first post-Superstorm Sandy buyout offers were made to Sayreville, NJ homeowners this week. Those homeowners were offered pre-storm value for their properties. So far, 129 Sayreville homes have been approved for buyouts by the Federal Emergency Management Agency (FEMA). Dozens more applications are expected from willing sellers in South River and Sayreville in the next four to six weeks, with closings planned to begin before Labor Day. Eligible properties are those that have been storm damaged, that are prone to incurring storm damage, or that may buffer or protect other lands from such damage.
These buyout offers are part of the States’s overall plan to acquire approximately 1,000 homes impacted by Sandy and another 300 repetitively flood-damaged homes in the Passaic River Basin at a total estimated cost of $300 million. According to the State’s website, the State will continue to submit buyout applications to FEMA for other properties on a rolling basis over the next several months. The State is particularly targeting clusters of homes and entire neighborhoods for buyouts. The homes will be razed and the land will be maintained as open space that can handle future flood waters.
According to the State’s website, representatives of the New Jersey Department of Environmental Protection (DEP)’s Blue Acres programs are in discussions regarding buyouts with officials and willing sellers in several other municipalities, including Woodbridge and Old Bridge. They also are personally visiting towns that have an interest in the Sandy buyout program. The buyout program is a joint effort of the DEP, State Office of Emergency Management (OEM) and FEMA. DEP administers all Blue Acres purchases and OEM handles the financing through FEMA.