Buyouts continue following 2016 flood
ZACHARY - Restore Louisiana's Solution 4 Buyout Program is nearing completion. Restore has been busy working with homeowners to buy their homes and tear them down following the August 2016 flood.
Solution 4 reduces future flood risk by creating permanent open space to serve as a buffer against future flooding events. It addresses repeat flood loss and manages the floodplain.
At the start of the program, Restore Louisiana says it identified 580 homeowners as being in the FEMA regulatory floodway. A floodway is where water flow from a channel of a river or other watercourse is expected to happen. Of those 580 homeowners, Restore says 368 were eligible for the program. Over the course of the program, 216 homeowners withdrew for various reasons, eight had zero award.
Of the 144 homeowners that are participating, 81 are in Pecan Acres in Pointe Coupee Parish and Silverleaf in Ascension Parish. Out of 63 acceptances, 54 buyouts have closed totaling $8,665,592 in disbursements. Five of the remaining nine are scheduled to close by February 19.
At closing, the Louisiana Land Trust takes possession of the property. When the structure is demolished, the land is maintained as a permanent greenspace. So far, 18 homes have been demolished.
The 18th house was demolished Thursday. That property in Zachary will be cleared and the concrete foundation will be crushed and reused.
To date, Restore Louisiana reports that its Homeowner Assistance Program has offered over $675 million in grant funds to about 17,600 homeowners to repair their homes. A total of 11,753 construction projects have been completed. About 94 percent of repair projects under Solution 1 has been completed.
HUD has given Restore Louisiana an expenditure deadline of April 2023.