Purpose of the Bill

The bill aims to address the issue of properties that have been affected by flooding. It proposes a solution to buy out such properties to prevent future damage and economic loss.

Main Provisions

• The bill allocates $5,000,000 from the general fund in the fiscal year 2026.
• This funding is directed to a pilot program run by the commissioner of natural resources.
• The pilot program will purchase commercial, industrial, and residential properties that have been flooded.
• Once bought, these properties will have deed restrictions prohibiting any new commercial, industrial, or residential construction for 50 years.

Significant Changes to Existing Law

• The introduction of a structured buy-out program specifically for flooded properties is a new initiative.
• Imposing long-term deed restrictions is intended to prevent redevelopment and reduce future flood-related damage or issues.

Relevant Terms

• Flooded properties
• Buy-out program
• Deed restrictions
• Natural resources
• Commercial, industrial, and residential properties