NJ Spotlight published the following article on 6/24/2014. To read the full article, click here.
$82 Million EDA Subsidy of 76ers Facility in Camden Spurs Debate On Tax Breaks
WNYC | June 24, 2014If you know a flood is coming, do you build an ark? Or do you just file another claim with FEMA’s flood-insurance program?
Some 4,700 homes and businesses in New Jersey and New York are classified as “severe and repetitive loss” properties by the government, meaning they flooded at least twice over a 10-year period and suffered extensive damages. All told, the flood-insurance program has paid out more than a billion dollars to fix them, for an average cost of about $213,000 per property.
And yet, generally, property owners are not required to make any long-term improvements to prevent flooding from happening again. Homeowners are required to elevate their properties above the flood plain if the damage to their house is greater than half of its market value.
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