Bill > S05072

This bill amends the New York State Urban Development Corporation Act to authorize cities, towns, and villages to purchase private residential real property located in a floodplain under specific conditions. The legislation allows municipalities to offer to buy properties at their fair market value prior to flood damage, and they must cover all typical sale-related costs such as appraisals, title searches, and closing expenses. If a property is purchased, the municipality must demolish any existing structures and dedicate the land as open space. Importantly, property owners are not required to sell their land, but they may need to implement risk mitigation measures like elevating structures. The seller remains responsible for paying off any existing mortgages, liens, and covering moving or relocation costs. This bill appears designed to help communities manage flood-prone areas by providing a voluntary mechanism for property owners to sell land in high-risk zones, potentially reducing future flood-related damages and infrastructure costs.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5072