Buyout Properties for Sale Wednesday May 25, 2016 12:36 pm

In this unusual opportunity, substantially damages, repetitively flooded, and severe repetitive loss structures were purchased with HUD Community Development Block Grant funds and demolished or otherwise cleared from the land. The properties, unlike FEMA HMGP properties, can be sold for uses limited only by the law, homeowner association limitations, and grant requirements. See the attached list for the properties that will be auctioned off in June.

Preview: 5/20/2016 - 6/19/2016>

Bidding: 6/20/2016 - 6/22/2016 at 10:00 am>

Link to auction website:https://www.centralauctionhouse.com/List/Surplus

Like all of the Terrebonne Parish projects with federal funds, what will be rebuilt on these properties must be flood safe. Any new structures built on the property will have to carry flood insurance, and will be built without fill to the 2008 DFIRM maps or the ABFE 2006 maps, whichever is higher, plus 1 foot of freeboard.

The proceeds are called “program income” and must be expended on another project that serves low to moderate income beneficiaries. The state must approve of the use of the program income. It is likely that it will be used to complete Susie Canal Levee Extension, which is currently underfunded.

Please advise anyone interested in the properties to review these materials or call Purchasing or Recovery Assistance for more information (873-6754 or 873-6565).

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