Buyout offers for Sandy-damaged Sayreville homes

SOUTH RIVER – The state announced Tuesday that buyout offers have been made to Sayreville home owners in the wake of last year’s Superstorm Sandy.

The Christie administration said residents have been offered pre-storm value for their properties.

Approximately 129 Sayreville homes had been approved for buyouts by the Federal Emergency Management Agency, while applications were filed last week with FEMA for the acquisition and demolition of another 85 homes from willing sellers in sections of South River and Sayreville, the administration reported.

Dozens more offers are expected in the next four to six weeks, with closings expected to begin before Labor Day.

“We are committed to the process of moving willing sellers in flood-prone areas out of harm’s way,” Gov. Chris Christie said in announcing the offers. “We promised these residents an expedited buyout process to help them move on with their lives as quickly as possible. We intend to keep that promise.’’

FEMA had approved $29.5 million in federal funding toward this effort.

The state will pick up the rest of the total $39 million cost for the first 129 homes, it reported.

An estimated cost of $18.1 million is expected for the applications for the South River and Sayreville purchases, which includes 76 homes in South River and nine in Sayreville, the state said.

These buyout offers are part of the administration’s plan to acquire approximately 1,000 homes affected by Sandy and another 300 repetitively flood-damaged homes in the Passaic River Basin at a total estimated cost of $300 million.

The administration said it would offer fair market, pre-Sandy payouts to residents.

Buyout offers for Sandy-damaged Sayreville homes