NJ Makes 1st Buyout Offers For Sandy-Damaged Homes

Law360, New York (July 16, 2013, 5:04 PM EDT) -- New Jersey this week made its first buyout offers to homeowners following Superstorm Sandy, as the state plows ahead with the purchase of 129 damaged properties approved by the Federal Emergency Management Agency, Gov. Chris Christie announced Tuesday.

With the aid of federal funding, the administration is following through with a $300 million program that will cover the purchase of about 1,000 Sandy-damaged homes and 300 homes in the flood-prone Passaic River basin from willing homeowners. The state — which saw 365,000 homes damaged or destroyed...
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