Christie Unveils $300M Plan To Buy Homes Hit By Sandy

Law360, New York (May 16, 2013, 4:18 PM ET) -- New Jersey Gov. Chris Christie on Thursday unveiled a $300 million buyout program that will use federal funding to purchase 1,300 homes that were devastated by Hurricane Sandy or lie in the flood-prone Passaic River basin from willing homeowners, creating open spaces that can ease future flood damage. 

Property owners who opt into the program will begin to receive offers from the state in July, and the first closings are expected to start by September and finish within one year. The state says it is targeting...
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