Voluntary Home Buyout Program - Harris County Flood Control District (Houston: mineral rights, credit)

[SpringBrancher]

If you live ANYWHERE in Harris or Ft. Bend County, you are living in a flood prone area and need to buy flood insurance.

[oceangaia]

Originally Posted by Mr. Clutch

Ha. There's a lot of people out there that are having to wrestle with their ideology vs. their self-interest. I have no doubt there are plenty of rock-ribbed, anti-tax, anti-government types that also will be taking federal money. It's pretty ironic.

It's pretty sensible. Why would anyone with any sense choose to be on the wrong side of a one-sided equation? If one is forced to participate in a program on the supporting side, it would be stupid for them to not participate on the receiving side.

[texas7]

I'm not sure how I feel about this. I do think when a persons home is a total loss, the amount owed to the mortgage company should be cleared. So even if not a buyout -- the person should be able to walk away debt free to start over from scratch. I can't imagine a total loss where you essentially have to buy a new home and still have to pay on a mortgage for a home that doesn't exist.

There's a lot of abuse in fema like all
Government agencies. I know people who have profited greatly from
Multiple floods. It's a hassle to rebuild but they profit each time and have grown quite the nest egg accumulating. Not everyone profits but many do.

[iberanon]

With program like this, there is no need for flood insurance!

[Ghost Town]

Originally Posted by iberanon

With program like this, there is no need for flood insurance!

If I remember correctly, flood insurance is required to be eligible for this program.

[Failed Engineer]

Originally Posted by iberanon

With program like this, there is no need for flood insurance!

You still need it because these programs aren't going to buyout in the first instance of flooded homes in a neighborhood. It's for high risk as proven by flooding neighborhoods.

You'll have to remediate on your own dime at least once and maybe more if you aren't carrying flood insurance.

[shytiger]

Socialism will be the reason I will not be able to retire. By the time I'm ready, social security will be just good enough for beer money thanks to the Clinton administration heist.

I pay over 10k a year to property taxes. Used to be 2800 10 years ago. I have to take out a loan every year so my house will not get auctioned off by the city. An acquaintance of mine told me to start an s-corp and take out loans through the company to pay the property taxes (only enough to cover what I can't afford to pay). Pay the loans back with what you can reasonably afford. Start a new s-corp 2-3 years later. Then over time when the loans balance has maxed out, file bankruptcy on your loans under the first s-corp. Start again with the 2nd corp. Wash,rinse & repeat. You'll be able to stay in your home longer. Once you have your equity built up, sell, then go by a house for cash in an area where prop taxes are not artificially inflated. You s-corp(s) are a separate entity and not tied to your credit btw.

[Zhang Fei]

Originally Posted by Dopo

As conservative as Texas is, I'm surprised that anybody is taking FEMAs socialist money

As liberal as you are, I'm surprised you don't hand your entire paycheck to the government or donate all of it to charity. Maybe it's because you prefer that other people fund your pet causes.

[kittyhawk]

Originally Posted by travelguy_73

I believe they wanted to either buy that land or restrict its use, but it got political, and then the land got too expensive, and the developers (and county/city officials who liked the tax revenue) got their way.

You're half correct but this was only because the COE didn't own what they deemed to be the full reservoir to begin with. The maximum flood pool for both reservoirs was well documented in the 40s when they were built. This is when the federal government should have exercised eminent domain to purchase the full extent of the reservoirs. Once Houston started expanding, all bets were off on the "fringe" land staying undeveloped. It is beyond comprehension that any entity, government or developer, would allow development in areas that sits right next to (and below) the reservoir spillways. This is a failure of both government and developers and hopefully they can work to correct it.

[seagull84]

I wonder less than 1% of population can afford to not buy any insurance, be it home, car, medical service, etc.
More than 99% of population, me included of course, have to buy all insurances above mentioned.

Originally Posted by fnh

FEMA is socialist. These proposed flood buyouts are socialist. For that matter, public schools are also socialist and I'll wager you don't fork out any money for private school.