Grant funding is available to cover 100% of the project cost for the voluntary purchase of properties (residential, commercial, or vacant parcels) that are at risk from flooding.
If a property was damaged during the July 2023 flooding event, VEM may be able to fund the purchase the property at the appraised value the day before the storm.
If any federal funding was received following damages from this event (e.g., flood insurance payments or Individual Assistance), property owners need to save all receipts showing that funding was used for repairs.
If a property was not damaged during this event but is at risk from flooding, VEM may be able to fund the purchase of the property at a current-market appraised value.
If a property owner is considering pursuing a voluntary buyout, or if a municipality has property owners who may be interested, please fill out this intake form: https://forms.office.com/g/JisdCq8LDL. VEM will then direct you to the appropriate application materials in the next few weeks.
Once property buyouts are complete, any structures will be demolished, and the property will be maintained as green open space in perpetuity.
