COLUMBIA, S.C. — The South Carolina Office of Resilience (SCOR) announces a Market Adjustment incentive to its Community Block Development Grant Mitigation (CDBG-MIT) Buyout Program. The incentive will be available to all eligible current or prospective applicants in any existing or future SCOR Buyout Projects.

The goal of SCOR’s CDBG-MIT Buyout Program is to encourage homeowners to relocate out of the floodplain. SCOR will offer a Market Adjustment Incentive to help bridge the gap in property values created by the current real estate market. The Market Adjustment Incentive will enable SCOR and its partners to make offers to purchase that better reflect the current housing market. These enhanced offers to purchase will better assist property owners participating in the buyout with obtaining safe housing outside of the floodplain. Applicants’ eligibility for the new incentive will be determined on a case-by-case basis.

SCOR’s CDBG-MIT Buyout Program currently offers applicants pre-disaster fair market value for those owners who purchased their properties prior to the 2015 Severe Storm, 2016 Hurricane Matthew, or 2018 Hurricane Florence. However, in some cases the value after the disaster (current fair market value) is higher than the pre-disaster value due to the current real estate market or repairs made to the home.

SCOR’s Buyout Program also offers a Moving Incentive and a Low-to-Moderate Income (LMI) Incentive to eligible applicants. More information about SCOR’s CDBG-MIT Buyout Program can be found at scor.sc.gov.