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Voluntary Home Buyout Program Continues to Bring Relief to Homeowners
May 3, 2006
The Harris County Flood Control District continues to move forward with a voluntary home buyout program that will allow another 164 homeowners to sell their homes and reduce their flood risks. The majority of homeowners are part of a 2005 Pre-Disaster Mitigation Grant Program, funded by the Federal Emergency Management Agency and the Flood Control District to allow residents located hopelessly deep in the 1% (100-year) floodplain to move to higher ground. Buying and removing these flood-prone structures is the best way to ensure that they are not damaged by floods in the future.
Harris County Commissioners Court recently approved the Flood Control District to send 147 of the properties to the Harris County Right of Way Division and proceed with the voluntary buyout process. The Right of Way Division will hire independent appraisers to assess each property’s fair market value and make formal offers for each home. If homeowners accept the offers, the process will proceed like a traditional real estate transaction. If dissatisfied with the offers, homeowners can hire their own independent appraisers for further negotiation.
In addition to receiving fair market value for their homes, homeowners are eligible to receive up to $35,000 in relocation assistance, which includes a housing supplement, brokerage fees and moving costs.
> Learn more about the Home Buyout Program
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