More than a year after submitting its initial application, Galveston County has received a federal grant award to purchase properties on Bolivar Peninsula destroyed by Hurricane Ike in September 2008.
The Hazard Mitigation Grant Program allows the county to offer eligible homeowners 75% of the pre-Ike value of their property plus improvements, minus the benefits already paid (such as flood and windstorm insurance). All transactions are voluntary, and purchased properties must remain undeveloped in perpetuity. Let's hope this is a trend for the future!
Full article here: http://www.gcoem.org/index.php?option=com_content&task=view&id=293&Itemid=145
Comments