S 5072: Authorizes municipalities to purchase private residential real property located in a floodplain.

  
  STATE OF NEW YORK ________________________________________________________________________ 5072 2025-2026 Regular Sessions  IN SENATE February 18, 2025 ___________ Introduced by Sens. GRIFFO, TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act, in relation to authorizing municipalities to purchase private residential real property located in a floodplain The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1 of chapter 174 of the laws of 1968, constituting 2 the New York state urban development corporation act, is amended by 3 adding a new section 15-a to read as follows: 4 § 15-a. Special provisions relating to private residential real prop- 5 erty located in a floodplain. (1) Notwithstanding any provision of law 6 to the contrary, but subject to any agreement with noteholders or bond- 7 holders, any city, town or village is hereby authorized to purchase 8 private residential real property which is located in a floodplain. 9 (2) Notwithstanding any provision of law to the contrary, any struc- 10 ture which is located on private residential real property located in a 11 floodplain which is purchased by a city, town or village shall be demol- 12 ished. 13 (3) Notwithstanding any provision of law to the contrary, private 14 residential real property acquired pursuant to this section shall be 15 deemed public property and such property shall be dedicated as open 16 space. 17 (4) A city, town or village may offer to purchase private residential 18 real property which is located in a floodplain for an amount up to or 19 equal to the fair market value of such property as such property is or 20 was valued prior to any flood damage. 21 (5) A city, town, or village which elects to purchase private residen- 22 tial real property which is located in a floodplain shall pay all costs 23 typically associated with the sale of private residential real property, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08567-01-5 
 S. 5072 2 1 including, but not limited to, fees for an appraisal, title search, or 2 lot survey and any associated closing costs. The seller of such private 3 residential real property shall be responsible for the payment of any 4 mortgage, lien or other financial encumbrance on such property, as well 5 as for any moving costs or costs associated with renting or buying new 6 property. 7 (6) No owner of private residential real property which is located in 8 a floodplain shall be required to relinquish their real property; 9 provided, however, that owners of such private residential real property 10 may need to take risk mitigation measures, such as elevating any struc- 11 tures on such property. 12 § 2. This act shall take effect immediately.