Number of the Day: $300 million

May 17, 2013 | Number of The Day

The Christie administration is putting $300 million in federal money into the state’s Blue Acres fund to allow for homeowner buyouts of Sandy-damaged properties. The administration says it will give owners the option of choosing what’s best for their situation.

The program will target clusters of homes or neighborhoods in tidal areas of New Jersey, which will eventually be razed and maintained as open space.

The plan calls for targeting 350 homes in Sayreville and South River in Middlesex County, which were severely damaged by flooding from the Raritan and South Rivers.

Other neighborhoods that will be targeted include Delaware Bay homes in Lawrence Township in Cumberland County and 300 repeatedly flood-damaged homes located in the Passaic River Basin.

Property appraisals will begin next month, and offers to willing sellers will begin in July. Although a case manager will reach out personally to some of the targeted areas, homeowners interested in selling their homes through this program should contact the state Department of Environmental Protection at 609-984-0500.