Bill > A09424

This bill authorizes cities, towns, and villages in New York to purchase private residential real estate located in floodplains, providing a voluntary program for property owners in flood-prone areas. Under the proposed law, municipalities can offer to buy properties at their pre-flood fair market value and would be responsible for covering typical sale-related expenses like appraisals, title searches, and closing costs. If a property is purchased, the municipality must demolish any structures on the land and dedicate the acquired property as open space. Importantly, property owners are not required to sell their land but may be advised to implement risk mitigation measures like elevating structures. The seller remains responsible for paying off any existing mortgages, liens, and associated moving costs. This legislation appears designed to help communities reduce flood risks by creating open spaces in vulnerable areas while providing a fair compensation mechanism for property owners in flood-prone regions.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A9424