Cuomo’s Buyback Program Could Reshape Coastline

East, Ticker
Monday, February 4, 2013
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Aftermath of Hurricane Sandy in New York. (David Sundberg/ESTO)

New York’s Governor Cuomo is moving ahead with the buyout program he first introduced in his State of the State speech last month. The New York Times reported that Cuomo is proposing an ambitious plan to spend $400 million to purchase homes damaged by Hurricane Sandy, and clear the land for wetlands, dunes, and parkland that will “help protect coastal communities from ferocious storms” in the future. The buyout offer will also extend to homeowners who live in vulnerable areas at risk of flooding, but that were not affected by Sandy. Cuomo intends on paying for the program with part of the $51 Billion Emergency aid package passed by Congress, and then will look to the Department of Housing and Urban Development (HUD) for the remaining funding. In the meantime, Cuomo and his aids are waiting on the approval of federal officials. More details about the plan are expected in the next two weeks. (Photo: David Sundberg/ESTO)

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