No. Household income documentation is required for federal reporting purposes.
Yes. NYS retains a qualified, licensed appraiser and contacts each property owner regarding the schedule for appraisal work in the vicinity. The appraiser may contact you directly if access to the property is required.
The Program pays the cost for the initial independent appraisal. If you believe the appraised value is too low, you can retain another appraiser at your own expense to perform a second appraisal of the FMV. NYS will not reimburse your appraisal expense.
Inform your Case Manager. An appeal process is available to help you resolve your concern.
All compensation for the Program will be provided on the day of the closing. However, the 5% Relocation Incentive is mailed to the homeowner once the homeowner shows proof of relocation within the county of their storm damaged property.
The NYS government entity that buys the property maintains the property.
You may be permitted, on request, to remove items such as appliances that do not affect the appraised FMV.
No. When the closing ends, you no longer have access to the property.
If you have an abstract, you should furnish it to your Case Manager when you accept and sign the Offer. Abstracts are not essential in most cases, but may facilitate the title search performed on your property.
Buyouts occur only where a clear title can be provided. You need to contact your lender to discuss the mortgage. There may be a city or county mortgage mediation or negotiation program that can advise or assist you.
: The NYS government entity that buys the property is responsible for structural demolition and the cost of demolition hauling and proper disposal of the demolition debris.
You must contact your bankruptcy attorney regarding the impact of bankruptcy proceedings on your participation in the Program.
Yes. By law, HUD Community Development Block Grant (CDBG) and FEMA Hazard Mitigation Grant Program (HMGP) dollars cannot duplicate funds received from other sources, such as FEMA repair assistance, flood insurance benefits or property acquisition funds. That is DOB verification. NYS completes DOB verification before the Owner and NYS agree to the property sale.
Yes. All property owners are obligated to pay taxes and keep their property in compliance with local codes and ordinances until the property sale closes and ownership changes hands. This is true for all storm-affected properties in the Program.
All purchasers who acquire homes through auction are obligated to elevate homes according to NYC State building and local municipality codes.
All purchasers of auction properties will have three (3) years from the date of closing to redevelop their homes in accordance with NYS building and local codes. All applicants must submit proof in a form of an Post Elevation Certificate or Certificate of Occupancy (CO) to the following e-mail address stormrecovery.sm.acquisitionauctions.
All purchasers can request an extension of time to redevelop the property. They must submit a Request for Extension form, which will outline the reason for the needed extension. A Request for Extension must show owner’s good faith efforts to obtain the Final Certificate of Occupancy and Post Elevation Certificate.
If a purchaser does not redevelop within a three-year time frame and does not ask for an extension to redevelop, the result will be an automatic reversion of the property to New York State.
All recording fee’s are paid by the purchasers from the auction.
It generally takes between 2-3 weeks for a release to be recorded.