News Archive

June 23, 2016

Flood-related home buyout program application deadline is July 22

Boulder County, Colo. - In order to increase resiliency to future flood events,
Boulder County has been participating in a federally-funded home “buyout”
program. Homes that suffered damage during the 2013 Flood, or homes at risk for
future flood damage, are eligible for buyout consideration. The purchase of these
properties also provides the homeowners with funds to relocate to safer
locations.

The deadline for
accepting applications for the home buyout program is July 22
.

The program is entirely voluntary for interested
homeowners. Funds are limited, and completing an application does not guarantee
that funds will be available to purchase a property. Most property owners who
are awarded funding receive pre-flood fair market value for the sale of their
property, less the amount of any grant funds already received to support
post-flood restoration at the property. Purchase prices are determined by
independent and state-certified real estate appraisers. Properties must be
located in a floodway, the 100-year floodplain, or a designated high-hazard
area in order to participate. After purchasing the properties, Boulder County
is required to remove all structures and improvements, and the properties must
remain in their natural state in perpetuity. Boulder County Parks and Open
Space will maintain the properties.

Boulder County began administering the home buyout
program in 2014. The county has purchased a total of 18 properties to date,
with expenditures on those properties totaling approximately $7 million. The county
anticipates closing on an additional 29 properties, all currently participating
in the program, before the end of 2016. New applications for the program will
be accepted through July 22. Funding for new applicants will depend on the applicant’s
eligibility, and availability of funds.

To obtain an application or to ask questions about the
Home Buyout Program, please contact Greg Jackson, Buyout Project Manager, at 303-441-4837
or
gjackson@bouldercounty.org.