Homeowners would be off hook for insurance, but cost is major hurdle
ByThe Federal Emergency Management Agency has given its blessing to a proposed $30 million flood-control gate at the mouth of Smith Canal, which could relieve thousands of homeowners of the obligation to buy flood insurance.
Now: Who will pay for it?
Officials will soon start a public relations campaign to persuade Smith Canal-area residents that it is in their best interest to pay a yearly assessment of perhaps $100 to $300 for an average home, with the upshot that if the gate is built residents with mortgages no longer would be saddled with at least $950 a year for flood insurance.
A vote might take place as soon as this summer. It will not be easy, said Jim Giottonini, head of the San Joaquin Area Flood Control Agency.
"This is a very tough area to pass an assessment," he said, citing high unemployment and foreclosures. "We're going to do the best we can."
Working against supporters is the fact that some residents in the proposed assessment district own their homes outright and were not required to buy flood insurance when FEMA established the high-risk flood zone in 2009.
<SNIP>View entire article here: http://www.recordnet.com/apps/pbcs.dll/article?AID=/20110127/A_NEWS/101270327
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