Authorizes municipalities to purchase private residential real property in floodplains.

New York A09424 amends the New York state urban development corporation act to allow cities, towns, or villages to buy private residential real property located in a floodplain. The bill mandates the demolition of any structures on the purchased property. Municipalities can offer up to the fair market value of the property, as valued before any flood damage. The seller remains responsible for any mortgage, lien, or other financial encumbrances, as well as moving costs. The acquired property becomes public and is dedicated as open space.

Authorizes municipalities to purchase private residential real property in floodplains.

New York A09424 amends the New York state urban development corporation act to allow cities, towns, or villages to buy private residential real property located in a floodplain. The bill mandates the demolition of any structures on the purchased property. Municipalities can offer up to the fair market value of the property, as valued before any flood damage. The seller remains responsible for any mortgage, lien, or other financial encumbrances, as well as moving costs. The acquired property becomes public and is dedicated as open space.