EDMONTON – The Alberta government is releasing more details regarding its flood assistance and mitigation measures.
In a statement released Sunday, the province said it has developed a funding formula to dictate the type of financial aid flood victims will receive. The formula is based on “established information from industry experts,” the statement reads.
The government will provide homeowners enough funding to return their homes to “a basic level of finish.”
This includes: vinyl siding, asphalt shingles, a standard efficiency furnace, basic quality carpet, etc.
If the cost of repairs eclipses the cost of the home, a completely new home will be built.
“This funding formula is fair to our affected homeowners and provides them the information needed to make smart choices about their future,” said Doug Griffiths, minister of municipal affairs. “It will cover restoration of your home to a functional standard but not cover premium upgrades.”
The government is also attempting to mitigate future flood damage in flood fringe areas. People living in those areas that receive assistance from the Disaster Recovery Program for the June 2013 floods will have additional levels of repair to their property.
Specifically, finished and partially-finished basements, where flood damage is most likely to occur, will be reconstructed to be more resilient. This includes materials that resist water damage, protective electrical services in basements for quick power restoration, and protection from sewer backflow.
To prevent damage in future floods, all of the homes in flood fringe areas will receive up to 15 per cent more financial aid than homes not in those areas, the government says.
Additionally, future homebuyers thinking of buying property in a floodway or flood fringe will be greeted by a warning.
“A notice will be placed at Land Titles stating if property is on a floodway or a flood fringe and if the property utilized 2013 DRP funding,” the statement reads.
“We have a responsibility to put protective measures in place for future buyers, realtors, lenders and insurers,” Griffiths added. “This is another step toward rebuilding safer communities.”
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