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Program - Buyouts & Acquisitions

The GLO is currently administering $275 million in funds for Hurricane Harvey local buyouts and acquisitions. These funds were distributed based on Methods of Distribution developed by the Regional Councils of Government. Local government entities may select between the two programs based on the specific needs of their communities.

Buyout

A Buyout Program uses CDBG-DR funds to purchase properties in qualifying target areas prone to flooding events and demolishes the structures on the properties to create park amenities, open space, or flood storage/overflow areas. Buyout Programs are especially effective in communities that have endured multiple disasters in the same neighborhood in the recent past, or sustained severe damage where there is high risk of additional disasters, such as a 100-year floodplain. These programs can help reduce the impact of future disasters while encouraging targeted revitalization efforts and public spaces.

Acquisition

Acquisition of Real Property, using post-disaster property values allows subrecipients to acquire real property for any public purpose, as set forth (24 CFR 570.201(a)). Acquisition-only is typically not considered a complete activity in the Program and must be combined with another eligible use (i.e. relocation assistance and new construction of housing). Methods of acquisition include purchase, long-term lease (15+ years), donation or otherwise (HUD CPD-17-09 notice).

Local Buyout & Acquisition Appliation & Resources

GLO Resources

HUD Resources

 

For more program resources, visit the Buyout & Acquisitions Resource Page.