The first round of funding for the federal Hurricane Helene home buyout program — expected to total nearly $1 billion — will begin arriving in the state within days. The money will go directly to homeowners whose properties remain at high risk for future flooding. So far, families representing an estimated 800 households have signed up for the buyout program.
Yancey and McDowell Counties are not included in the initial $44 million buyout. The counties approved to begin buyouts are Buncombe, Henderson, Madison, and Haywood.
Estimated buyout amounts by county include $19 million in Buncombe, $26 million in Henderson, $1.6 million in Madison, $6.4 million in McDowell, $1.9 million in Polk, $23 million in Rutherford, and $40 million in Yancey.
Buyout administrators have told applicants that destroyed homes will be compensated at fair market value based on the day before the storm. A spokesperson for North Carolina Emergency Management (NCEM) said county tax valuations were used as a starting point for FEMA’s review and approval process.
The goal of the program is to permanently remove homes from high-risk flood zones and prevent rebuilding on those properties in the future. However, the buyout process can take years. During that time, some homeowners are forced to continue paying mortgages on homes that no longer exist in order to protect their credit.
North Carolina Emergency Management is overseeing all buyout submissions and coordination with FEMA.
