NY To Chip In $48M For Buyouts Of Storm-Ravaged Homes

Law360, New York (May 13, 2013, 2:04 PM ET) -- New York state will kick in more than $48 million in grants to help fund federally managed buyouts for homeowners looking to relocate after suffering severe flood damage during Hurricane Irene and Tropical Storm Lee, Gov. Andrew Cuomo said Monday.

The money will go toward some 1,143 properties that have been processed for buyouts under the hazard mitigation grant program administered by the Federal Emergency Management Agency. FEMA is paying $194 million to fund the buyouts and the state — using grant money awarded April 26...
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