Funding Database: Strategic Buyout

Strategic Buyout Program

The Strategic Buyout Program is a voluntary program that purchases properties likely to flood repeatedly from hurricanes and other extreme weather events. In doing so, the program provides participants with an opportunity to relocate to areas less likely to flood. When the local government purchases the property, they put a deed restriction in place. The deed restriction limits future development. Then, the NC Office of Recovery and Resiliency (NCORR) facilitates returning the land to green space by clearing structures. 

The Strategic Buyout Program collaborates with local governments to identify areas that fit its criteria. These areas, referred to as disaster risk reduction areas or buyout zones, are in counties impacted by Hurricane Matthew or Florence that are at the greatest risk of damage from future flood events. View the current buyout zones on the program website.

Eligible Applicants

Eligible property owners must prove that they currently own the property in the buyout zone. Participants also must have a title and the authority to sell the property. At least one household member must be a US citizen, non-citizen national or qualified immigrant.

Eligible Projects

The property must be within a designated buyout zone. The property does not have to be damaged to participate in the program. The application includes a list of eligible property types.

All project acres must be restricted with a permanent conservation agreement to protect natural or cultural resources.

Funding Amount

The Strategic Buyout Program bases its initial offer on the current fair market appraised value of the storm-damaged property or what the property is worth today. Applicants may be eligible to receive additional incentive payments beyond the current fair market appraised value. These incentive payments help applicants with the expense of moving into a new rental, buying a new home or moving into an area of lower flood risk. Read the Incentive Overview (PDF) for more information.

Match Requirements

None

Application Schedule

NCORR provides buyouts on a rolling basis as funding is available.

Application Process

To start an application, contact an NCORR Strategic Buyout Program specialist to determine participant and property eligibility. The Strategic Buyout is an eight-step process with the following steps: 

• Application intake
• Preliminary eligibility review
• Ownership verification
• Appraisal and inspection
• Offer determination and closing 
• Contract selection
• Demolition, clearance and restoration
• Completion

Application Assistance

For assistance with the application, read the Frequently Asked Questions, Application Guide (PDF) and Application Checklist (PDF) provided online.

Funding Source

NCORR facilitates the Strategic Buyout Program with funding from the state’s federal Community Development Block Grant for Disaster Recovery, associated with Hurricanes Florence and Matthew.