New York S05072 authorizes municipalities to buy private residential real property in floodplains.

New York S05072 amends the New York state urban development corporation act to allow cities, towns, and villages to purchase private residential real property located in a floodplain. The seller is responsible for any mortgage, lien, moving costs, and associated closing costs. The acquired property will be deemed public and dedicated as open space. The municipality may offer to purchase the property for up to its fair market value prior to any flood damage. The bill takes effect immediately.

New York S05072 authorizes municipalities to buy private residential real property in floodplains.

New York S05072 amends the New York state urban development corporation act to allow cities, towns, and villages to purchase private residential real property located in a floodplain. The seller is responsible for any mortgage, lien, moving costs, and associated closing costs. The acquired property will be deemed public and dedicated as open space. The municipality may offer to purchase the property for up to its fair market value prior to any flood damage. The bill takes effect immediately.