NC H265

Authorizes cities with a population of 200,000 or greater to purchase property for demolishing flood-prone buildings and implement flood reduction techniques on private property, including elevating, demolishing, or retrofitting structures.

Requires cities to adopt a city council-approved policy document before undertaking flood reduction improvements on private property, establishing minimum standards for consent, cost-effectiveness, and required property owner financial contributions.

Mandates that property owners provide written consent and make a minimum financial contribution to projects, with cities recovering funding above a specified amount if the property is sold within five years of project completion.

Requires an existing stormwater advisory committee to review and approve flood damage reduction projects and submit annual reports to the city council.

Takes effect upon enactment.