A Flood of Home Sales in NJ
U.S. Senator Frank R. Lautenberg (D-NJ) and Congressman Bill Pascrell, Jr. (D-NJ-8) will be in Wayne, New Jersey to announce millions in federal disaster relief funding for voluntary home buyouts in Passaic County and throughout New Jersey in the wake of devastation from Hurricane Irene. Funding will be announced for municipalities in Passaic, Morris, Essex, Somerset and Middlesex counties.
New Jersey has suffered through record flooding this year. Some areas were still recovering from Hurricane Irene when they were socked again by the freak blizzard in late October. Residents in some areas say they still hadn’t fully rebuilt from previous storms. Those New Jerseyans who live in flood-prone areas could be getting some relief.
A bill sponsored by Assembly Democrats Connie Wagner, Vincent Prieto, Craig Coughlin and Valerie Vainieri Huttle is designed to help provide towns with a long-term solution to ward off future flooding problems. Under the legislation, would be allowed to establish municipal open space trust funds specifically for the purchase of flood-prone properties. In order to establish such a fund, local governing bodies would have to seek voter approval for an annual levy at a rate deemed appropriate.