Home Business $800 million buyout scheme for homeowners in flood-hit Northern Rivers

$800 million buyout scheme for homeowners in flood-hit Northern Rivers

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“We know that this repeated, unrelenting flooding can be emotionally and financially draining, and we want communities to know that we will be there to support them now and as they recover.”

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Eligible homeowners will be offered one of three available measures based on an expert property appraisal; data on flood severity, safety risks and potential future flood levels.

The NSW Government will also spend $100 million to acquire land and open up new flood-safe sites for future development in partnership with the Northern Rivers Redevelopment Corporation.

The corporation is currently conducting an expression of interest process to identify suitable parcels of land that will allow residents to rebuild but remain in their community.

NSW Premier Dominic Perrotet said the program would help Northern Rivers residents take the next steps towards recovery, as well as build community resilience.

“I have seen first-hand the devastating extreme floods caused by northern rivers, and I hope this program will help many residents who have suffered for far too long,” Perrottet said.

“We are doing everything we can to enable residents to escape danger and protect themselves and their families, but we cannot continue to build backwards as we have done in the past.

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“We will work with the Northern Rivers community to ensure that repairs, upgrades and voluntary buyouts are carried out in a way that better protects people and their homes from future floods.”

Federal Emergencies Minister Murray Watt said both governments would continue to stand shoulder to shoulder with the region on the long road to recovery.

The Northern Rivers Restoration Corporation, the agency tasked with reviving flood-ravaged communities in northern NSW, has advised the inquiry the government faces a $3 billion recovery bill on top of what it has already spent.

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https://www.watoday.com.au/politics/nsw/800m-buyback-scheme-for-home-owners-in-flood-hit-northern-rivers-20221027-p5btm5.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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