Avery Estates residents speak out after receiving Buyout Program offer letters
Avery Estates residents speak out after receiving Buyout Program offer letters; St. Tammany Parish moves forward with program
Avery Estates residents speak out after receiving Buyout Program offer letters; St. Tammany Parish moves forward with program
Avery Estates residents speak out after receiving Buyout Program offer letters; St. Tammany Parish moves forward with program
St. Tammany Parish is moving forward with a Buyout Program for some residents prone to severe flooding.
Some people living in Avery Estates say they received offer letters from the parish to purchase their homes, but feel the amount offered is low.
The Buyout Program is a federal program being offered statewide for $87 million, developed by the Louisiana Office of Community Development.
Last year St. Tammany Parish was awarded $10 million from that pot, but the program places a cap on the amount of money a home can receive.
The parish had the homes in Avery Estates appraised and sent out offer letters last week.
Unfortunately the appraisal amount is capped at $250,000 per home, even with other incentive offers.
The program is a voluntary program, with the goal of buying out as many as 75 homes: 68 in Avery Estates, five in Covington and one in Slidell.
Alvin Yates, who lived in his home since 1964, says he is upset after receiving an offer letter that values his home just over $160,000.
"Where can I go buy 18 acres, two storages shed, three ponds and a 2,000-square-foot house for $160,000? Yates asked. "It’s so senseless how they put these letters out."
Parish officials say the buyout program is a state program with federal funding, and they can't pay more than fair market value, but residents are able to get their own appraisal.
So far, there are five homes that were appraised for more than $250,000.
"I would like to get off of this cap thing and figure out how much improvement people have put on their property," Yates said.
It is unclear at this time, whether the state will allow homeowners who are appraised higher than the cap to appeal.
Residents who received an offer letter have 30 days to reply before the offer expires.