Vermont and the Federal Emergency Management Agency are joining to put $19.8 million toward buying out properties that are prone to flooding.
Gov. Peter Shumlin, U.S. Rep. Peter Welch and other officials traveled to Northfield on Wednesday to make the announcement. Northfield, which was hit hard by flooding from Irene, is the location of 13 of the homes being bought out under the Hazard Mitigation Grant Program.
The program enables owners of flood prone properties to move elsewhere, and bars new development on the bought out properties.
The federal agency covers 75 percent of the cost. Shumlin says the state is working to come up with the money to cover the rest of the cost.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Small Health Insurers Assuming Big Role In Many States Under Obamacare
11 U.S. Weather Disasters in 2012 Cost More Than $1 Billion Each
Encompass Looks to PGA Sponsorship to Improve Brand
Walgreen Agrees to Record $80M Settlement Over Distribution of Painkillers
The Hartford Ordered to Pay $20M to Auto Body Shops
Broker Awarded $ 3.8M Verdict in Reputation Suit
Travelers Eyes Canada Growth with $1.1B Acquisition of The Dominion
Fracking Companies Silence Water Complaints With Sealed Settlements
Sign up to receive insurance news alerts!
