Just an inch of floodwater can generate tens of thousands of dollars in property damage. Homeowners who have experienced such disasters often find themselves in a difficult position with their damaged homes, unsure of what to do next.
The Federal Emergency Management Agency, or FEMA, has been actively involved in assisting homeowners by purchasing damaged homes since 1989. Through the Hazard Mitigation Grant Program, FEMA supports local and state governments in acquiring flood-damaged properties and turning them into public land.
One homeowner, Andrea Jones, opted to sell her home in a floodplain buyout after facing recurring flooding issues in her neighborhood. Although her home never flooded, the constant fear and inconvenience caused her to make the decision to move to a safer location.
Jones used the proceeds from the sale of her previous home to purchase a new one, which came at a higher cost due to rising property values and interest rates. While she misses her old neighborhood and friends, the peace of mind she now has in her new flood-free home outweighs any regrets she may have had.
While floodplain buyouts can be beneficial for homeowners, experts suggest that they can also have negative consequences for local communities. Some communities may struggle with the legal liabilities and financial burdens associated with owning deeded land acquired through buyouts.
The process of buyouts can be lengthy, with federal acquisitions averaging two to five years. The delays in the buyout process, as experienced by Jones due to the pandemic, can further complicate matters for homeowners who are eager to move to a safer location.
As the U.S. faces a housing shortage and the growing impacts of climate change, the need for effective solutions to protect homeowners from flooding while ensuring housing affordability remains a pressing issue. Experts emphasize the importance of investing in buying and demolishing homes facing flooding to address these challenges.
FEMA’s floodplain buyouts offer a lifeline to homeowners looking to move away from flood-prone areas. While the process may have its challenges and controversies, it serves as a crucial intervention in protecting homeowners and communities from the devastating effects of flooding. Moving forward, continued investment in buyouts and other mitigation strategies can help mitigate the impacts of flooding and ensure the safety and well-being of residents across the country.