Authorizes municipalities to purchase private residential real property located in a floodplain

This New York bill authorizes cities, towns, and villages to purchase residential homes in floodplains from willing owners at pre-flood damage market value. If purchased, the homes must be demolished, and the land converted into public open space. Municipalities cover standard real estate costs like appraisals and closing fees, while owners pay for mortgages, moving costs, and potential elevation requirements. Homeowners are not forced to sell but may need to implement flood risk mitigation measures if they stay.