Public Town Hall Post-Disaster Relocation and Buyout Program August 22, 2020 The meeting will begin momentarily, and it will be recorded. Please mute your phone and turn off your video to facilitate the recording quality. Thank you.
Virtual Meeting “House Rules" Mute Yourself Upon Entering. If there is no mute button on your phone, press *6 to mute and unmute. Questions? Type in the chat window ? during the presentation or hold until the Q&A Session at the end. Pin the Speaker’s Video to View them full- screen. www.HarrisRecovery.org www.HarrisRecovery.org
Agenda I. Why Have a Relocation and Buyout Program? II. How Were the Buyout Areas Selected? III. A Walk Through the Process: Documentation, Appraisal/Offer, and Relocation IV. Understanding How Your Relocation Benefit Is Calculated V. A Little About Businesses and Renters (Meetings Will Be Held to Provide More Information to These Groups) VI. Summary of Steps and Timeline VII. Questions/Comments Guidelines can be found at: www.HarrisRecovery.org
Repetitive Flooding Over 40 years, each buyout area has flooded an average of more than 12 times www.HarrisRecovery.org www.HarrisRecovery.org
Harvey Help Insufficient Assistance to Buyout Area Owners Average Claim Amount Paid FEMA $4,277 Flood Insurance $3,130 Average Received for Home Repairs $7,407 How far does $7400 go in repairing your home after a flood? www.HarrisRecovery.org
Harvey’s Cost to You • Flood insurance becoming your largest housing cost • FEMA and HUD: If you ever Appx. received federal help, you must $5,000 maintain flood insurance or In repetitively never be eligible for future flooded area disaster assistance Today’s Average Annual Cost in Texas Special Flood Hazard Areas www.HarrisRecovery.org
How Were Buyout Areas Selected? In the Floodway Areas where flood water is likely to be Buyout area deepest, fastest and most dangerous In the properties had to 10-Year Floodplain meet at least two Areas that have a 10% or greater chance of flooding every year of these criteria: Over 2 ft Deep in 100-Year Floodplain Areas that have a 1% chance of being flooded by at least 2 feet of water every year www.HarrisRecovery.org
www.HarrisRecovery.org
What Will Happen to My Property? • Property can be used to reduce risk and damage of future floods: • Natural floodplain • Detention pond • Parks and trails • Other flood control project HUD specifically prohibits any future development of property for uses other than flood control www.HarrisRecovery.org
Three Key Stages in Process Determining Helping you Working with the value of find and your case your home, move to a manager to get getting state better, safer your approval and home that paperwork making you YOU together an offer choose 4-6 Weeks 3-4 Months Up to 18 Months to Move into Your Relocation Home Call your case manager today to get started! www.HarrisRecovery.org
One Step at a Time Alright! I’m ready to start house hunting! Not just yet! We need to take this one step at a time to determine exactly how much you will get. You can miss out on some benefits if you act too fast. www.HarrisRecovery.org
Call Your Case Manager Phone/Video Gather Review Call with Documents Your Case and Forms Specific Manager Situation Your legal You received status is not Your case a letter considered manager will giving you a in the walk you time and buyout through the date to call process and phase but it your case stay with you is in the manager. the entire relocation Call or way . phase. reschedule. www.HarrisRecovery.org
Understanding Your Needs Goal of first phone call: • Get to know you • Understand your needs • Direct you toward best solutions We will work with you to complete all the forms LOTS OF FORMS! (we are the government – sorry :-) www.HarrisRecovery.org
What Will County Pay for Your Home? Appraisal Amount You Can Determines Submitted to Appeal if You Your State for Don’t Think Property Approval, the Offer Is a Value Then to You Fair Price • You can accompany your appraiser to talk about improvements to your home. • Spanish-speaking appraisers are available. • Your case manager will walk with you through it all. www.HarrisRecovery.org
What Makes Up the Offer? Mr. Jones purchased Ms. Ruiz purchased property BEFORE property AFTER Harvey Harvey Offer = Pre-flood fair Offer = Current fair market value market value www.HarrisRecovery.org
How Do I Get My Money? Offer • At Closing, you must pay off Amount your mortgage and all liens. • What’s left from your offer Debt on amount is the amount you walk Home away with. $ In Your • You are paid in a lump sum. Pocket www.HarrisRecovery.org
What if I Don’t Want to Sell? Yes, this program is Bottom Line – mandatory. But we don’t Do I have to just buy your home; we sell my home? put you in a comparable safer one. www.HarrisRecovery.org
Relocation? How Does that Work? We’ll help Talk with Based on you (and We’ll work your your We’ll help work with with your Relocation you move situation, your realtor) lender for Specialist we’ll into your to find the financing about what determine new home home of you need what you’re (if needed) YOUR and want eligible for CHOICE You have up to 12 months from offer date to close on your relocation home, and 18 months to submit all your paper work for reimbursement. www.HarrisRecovery.org
What Does the County Pay For? • A comparable relocation home • Moving and related expenses • Rental assistance payments • Down payment assistance if eligible • Referrals to realtors, lenders, legal assistance, community services We collect your income information because you may be eligible for increased benefits, based on your income. www.HarrisRecovery.org
“Comparable” Home? What’s That? Like your Meets Reasonably current “decent, close to your home in safe and job and size and sanitary” schools functionality requirements You have a 3 BR home Structurally sound, Near amenities on a half-acre lot? We’ll weather tight, in you want look for same in your good repair replacement home. • Home must be on the market and available • Home cannot be in flood zone www.HarrisRecovery.org
Do I Have to Buy the County’s “Comparable” Home? You choose the home you buy! The County finds homes similar to yours that are currently on the market ONLY to determine the amount of relocation benefit you will need to move into the replacement home that you choose. www.HarrisRecovery.org
How Do I Know If I Can Afford It? The Program Whatever debt you had on Works to your old home is the same as what you will have on your new Maintain Your home if you purchase a home Current Situation for the amount of your or Make It Better relocation benefit. www.HarrisRecovery.org
Benefit Scenario – Homeowner / No Mortgage CASE NOTES ON MRS. RODRIGUEZ (Example – Not Real Case) • In the home for 35 years, 3 BD / 1 Bath • 4 in household: Mrs. R, her daughter, son-in-law and minor grandchild (son-in-law undocumented – moving costs for only 3) • Home inherited from late husband / No deed • No Mortgage / No liens (need to verify) • Buyout Offer: $50,000 • Comparable Home Cost: $150,000 www.HarrisRecovery.org
Benefit Scenario – No Mortgage Homeowner Mortgage Balance 0 Appraisal/Offer $50,000 Cost of Replacement Home (Upgrades to 3BR/2Bath) $150,000 Housing Replacement Assistance $100,000 Mrs. Rodriguez’s Uniform Relocation Act (URA) assistance is $100,000, and she will have $0 mortgage on her new $150,000 home. Plus, because there were no 3BR/2Bath homes on the market, she gets an extra bathroom! www.HarrisRecovery.org
Benefit Scenario – Homeowner with Mortgage CASE NOTES ON GARCIA FAMILY (Example – Not Real Case) • In the home for 10 years, 4 BD / 2 Bath • 5 in household: Mr. & Mrs. Garcia, 2 children, Mr. Garcia’s mother • $90,000 Mortgage / $0 Liens • Buyout Offer: $140,000 • Comparable Home Cost: $195,000 www.HarrisRecovery.org
Benefit Scenario – Mortgage on Home Homeowner Mortgage Balance $90,000 Liens $0 BUYOUT Total Debt on Buyout Home (Debt Limit) $90,000 Appraisal/Offer $140,000 Less Debt on Buyout Home ($90,000) Homeowner Balance From Sale $50,000 RELOCATION Relocation Home Cost $195,000 Less Proceeds from Sale of Buyout Home ($50,000) Amount Needed for Relocation Home $145,000 Less Homeowner Debt Limit – (Acceptable New Home Debt ($90,000) Amount) Gap = Amount of Housing Replacement Assistance $55,000 The Garcia family’s URA assistance is $55,000. They will have the same $90,000 debt on their new $195,000 home. They will have $105,000 in equity immediately. www.HarrisRecovery.org
Businesses A relocation specialist will work with you to move and re-establish your business at a replacement site. Virtual Meeting August 27 To Help Businesses Understand How They Will Be Impacted www.HarrisRecovery.org
Renters You may be eligible for relocation assistance and payments including: Rental assistance payments • Down payment assistance if you • decide to buy instead of rent Moving and related expenses • Advisory services • Virtual Meeting Coming Soon To Help Renters Understand How They Will Be Impacted www.HarrisRecovery.org
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