City gets Hazard Mitigation Buy-Out grant

Mayor Arthur J. Ward announced in a press release the city will receive $152,500 through the Hazard Mitigation Buy-Out Program established by State of Connecticut Public Act 2012-189, Section 40. Under this program, the release explained, property owners awarded funding through the federal Hazard Mitigation Grant Program (HMGP) are eligible to receive State of Connecticut grant funds equaling 25% of their appraised property values, up to $50,000.
Four properties within the City of Bristol were awarded HMGP funding following a rigorous application process. Under the HMGP program, the release said, these homeowners may sell their properties to the City of Bristol for 75% of the appraised values, with the City using HMGP grant funds to purchase the homes. The purpose of the State of Connecticut Hazard Mitigation Buy-Out Program is to provide these homeowners the remaining 25% of their property values. As a result, the City of Bristol can now purchase these properties for 100% of the appraised values, rather than 75%.
Under terms of the program, after the City purchases the properties it must demolish the structures and convert the land to open space for flood mitigation purposes.
“Obtaining the State of Connecticut funds is important to moving the HMGP projects forward, as these homeowners deserve to realize 100% of their property values,” Ward said in the release. “On behalf of the homeowners involved and the City of Bristol, I want to thank the State of Connecticut and State Representative Elizabeth Boukus, who was instrumental in securing this funding.”