Release Date: August 28, 2008
Release Number: 1763-175
» More Information on Iowa Severe Storms, Tornadoes, and Flooding
DES MOINES, Iowa -- Because of the widespread interest in buyouts, disaster officials have released the following information about the process for the federal/state program.
The key points federal and state officials emphasize are these.
The federal/state program is called the "Hazard Mitigation Grant Program." It is funded 75 percent by FEMA and 25 percent by a combination of state, local or individual sources. The program requires that:
Tenants who are displaced because of a buyout may receive moving and replacement rental expenses (or can use those funds toward buying a home).
The basic steps in the buyout process are as follows.
If FEMA grants approval, the state authorizes the local government to begin the acquisition process. The local community then identifies willing sellers, conducts appraisals, purchases properties and takes title.
After a home is purchased, it is demolished and the land is cleared. The property title is deed-restricted and the land must remain forever as public open space.
It is important to note that before any funds can be received for a project under this program, the community must have a FEMA-approved local hazard mitigation plan in place. If a community has destroyed homes and is engaged in the planning process now, it may still have an opportunity to be awarded funds.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Friday, 29-Aug-2008 14:58:53