Christie set to announce more flood buyouts

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Christie set to announce more flood buyouts

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SOUTH RIVER, N.J. (AP) -- Gov. Chris Christie is set to announce more buyouts of flood-prone properties in the wake of Superstorm Sandy.
 
The governor travels to the Middlesex County town of South River Tuesday, where he is expected to announce plans to buy out about 72 homes.
 
The state is buying up contiguous properties from willing sellers that will allow it to create flood plains.
 
FEMA will provide 75 percent of the funding and the state will pay 25 percent.
 
The state announced agreement with 129 property owners in nearby Sayreville last month.
 
Homes sold through the program are demolished within 90 days of acquisition.
 
Christie announced in May that $300 million in buyout funding would be made available to Superstorm Sandy victims.
 
The state eventually plans to buy about 1,000 repeatedly flooded properties.

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