Bill Text: NY A08939 | 2019-2020 | General Assembly | Introduced


Bill Title: Authorizes municipalities to purchase private residential real property located in a floodplain.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to economic development [A08939 Detail]

Download: New_York-2019-A08939-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8939

                   IN ASSEMBLY

                                     January 2, 2020
                                       ___________

        Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
          Committee on Economic Development

        AN ACT to amend the New York state urban development corporation act, in
          relation to authorizing municipalities to purchase private residential
          real property located in a floodplain

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Section 1 of chapter 174 of the laws of 1968, constituting
     2  the New York state urban development  corporation  act,  is  amended  by
     3  adding a new section 15-a to read as follows:
     4    §  15-a. Special provisions relating to private residential real prop-
     5  erty located in a floodplain. (1) Notwithstanding any provision  of  law
     6  to  the contrary, but subject to any agreement with noteholders or bond-
     7  holders, any city, town or village  is  hereby  authorized  to  purchase
     8  private residential real property which is located in a floodplain.
     9    (2)  Notwithstanding  any provision of law to the contrary, any struc-
    10  ture which is located on private residential real property located in  a
    11  floodplain which is purchased by a city, town or village shall be demol-
    12  ished.
    13    (3)  Notwithstanding  any  provision  of  law to the contrary, private
    14  residential real property acquired pursuant to  this  section  shall  be
    15  deemed  public  property  and  such  property shall be dedicated as open
    16  space.
    17    (4) A city, town or village may offer to purchase private  residential
    18  real  property  which  is located in a floodplain for an amount up to or
    19  equal to the fair market value of such property as such property  is  or
    20  was valued prior to any flood damage.
    21    (5) A city, town, or village which elects to purchase private residen-
    22  tial  real property which is located in a floodplain shall pay all costs
    23  typically associated with the sale of private residential real property,
    24  including, but not limited to, fees for an appraisal, title  search,  or
    25  lot  survey and any associated closing costs. The seller of such private
    26  residential real property shall be responsible for the  payment  of  any
    27  mortgage,  lien or other financial encumbrance on such property, as well

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13898-01-9

        A. 8939                             2

     1  as for any moving costs or costs associated with renting or  buying  new
     2  property.
     3    (6)  No owner of private residential real property which is located in
     4  a floodplain shall be required to relinquish his or her  real  property;
     5  provided, however, that owners of such private residential real property
     6  may  need to take risk mitigation measures, such as elevating any struc-
     7  tures on such property.
     8    § 2. This act shall take effect immediately.
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