BILL NO. 358
(as introduced)
1st Session, 64th General Assembly
Nova Scotia
2 Charles III, 2023
Private Member's Bill
Flooded Homes Buyback Program Act
The Honourable Kelly Regan
Bedford Bassin
First Reading: October 19, 2023
Second Reading:
Third Reading:
An Act to Establish
a Flooded Homes Buyback Program
Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Flooded Homes Buyback Program Act.
(a) "eligible home" means a residential property that meets the criteria set out in subsection 3(3) and the regulations;
(b) "Minister" means the Minister of Municipal Affairs and Housing;
(c) "Program" means the Flooded Homes Buyback Program established under Section 3.
3 (1) The Minister shall establish a Flooded Homes Buyback Program.
(2) Subject to Section 6, upon application by the owners of an eligible home, the Program shall purchase the eligible home if the application meets the requirements set out in this Act and the regulations.
(3) A residential property is an eligible home if the property
(a) is located on a floodplain with an annual exceedance probability of one per cent or greater;
(b) has suffered damage from flooding valued in excess of $30,000 within the preceding 24 months; and
(c) meets any criteria specified in the regulations.
(4) Subject to subsection (5), where an eligible home is purchased by the Program the purchase price is the value of the last property assessment conducted under the Assessment Act prior to the damage from flooding.
(5) Where the Minister determines there has been a significant change in market conditions since the last property assessment conducted under the Assessment Act prior to the damage from flooding, the Minister may authorize the Program to purchase an eligible home for an amount adjusted in accordance with the regulations.
4 Within six months after a flooding event in the Province, the Minister shall provide the owners of all residential property potentially impacted by the flooding event information respecting
(a) assessment of the appraised market value of the residential property based on its pre-flood value;
(b) any Provincial programs that may provide disaster or rebuilding assistance; and
(c) the results of any tests for oil contamination conducted near the residential property.
5 (1) The Governor in Council may make regulations
(a) setting out the requirements for an application under subsection 3(2);
(b) specifying criteria residential property must meet to be an eligible home;
(c) respecting the adjustment of amounts under subsection 3(5).
(2) The exercise by the Governor in Council of the authority contained in subsection (1) is a regulation within the meaning of the Regulations Act.
6 The money required for the purpose of this Act must be paid out of money appropriated for that purpose by the Legislature.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2023 Crown in right of Nova Scotia. Created October 19, 2023. Send comments to legc.office@novascotia.ca.
