Property Ownership
Vermont's 'flood buyout programs' offered after Tropical Storm Irene allow municipalities to:
APurchase private property in high-risk flood areas and convert it to open space✓ Correct
BRequire all flood-damaged property to be rebuilt
CProvide zero-interest loans for flood repairs
DExempt flood-damaged property from property taxes
Explanation
Vermont's flood buyout programs, using FEMA Hazard Mitigation Grant Program funds, allow municipalities to purchase frequently flooded properties from willing sellers and convert them to open space, reducing future flood losses.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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