Thursday, September 22, 2011

What does it mean to get a "buy out" for your house?

Federal Emergency Management AgencyImage via WikipediaIn Pequannock, a lot of statements have been made about citizens seeking "buy outs" for their flood damaged homes and not a lot of real factual information has been circulated at this time.

In short, most of these "buy outs" will take place as part of FEMA's Severe Repetitive Loss program, created in 2004 to get homeowners and insurance companies out of obligations to homes which are severely damaged by disasters repeatedly. -- Some funding for these buy outs could come from other Open Space funds as well.

The fact is, the Severe Repetitive Loss documentation is dense, and it's something that as a township Pequannock is investigating in depth right now.  For those who'd like to consider this option, the following link provides information about the program: http://www.fema.gov/government/grant/srl/ -- It is hoped that in the near future, Pequannock will be able to make a clarified explanation of the program available to residents.


Christopher Lotito is a member of the Pequannock EnvironmentalHistoric District, and Flood Control Advisory Commissions as well as the author of  "Torrent," a book about flooding in the region.  Lotito's personal mission is to reduce new taxes, drastically reduce flooding, and preserve more green spaces for our children.  Christopher Lotito Profile

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