NY A09424

Authorizes cities, towns, and villages to purchase private residential real property located in floodplains

Requires all structures on purchased floodplain properties to be demolished, with the land converted to public property dedicated as open space

Allows municipalities to offer up to the fair market value of the property as valued prior to any flood damage

Municipalities must pay all typical sale costs including appraisal fees, title search, lot survey, and closing costs; sellers remain responsible for mortgages, liens, moving costs, and new housing expenses

Property owners cannot be forced to sell, but those who retain floodplain properties may be required to take risk mitigation measures such as elevating structures