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Storm-damaged houses on auction block

Open house previews held in Nassau, Suffolk counties for Nov. 17 sales

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As part of the New York Rising Acquisition Program, a second set of houses — 81 in Nassau County and another 74 in Suffolk — will be auctioned off on Nov. 17 as part of Gov. Andrew Cuomo’s NY Rising/Office of Storm Recovery Program.  The auction will take place at the Hyatt Regency Long Island, at 1717 Motor Parkway in Hauppaugue.

The properties, which were all substantially damaged in Hurricane Sandy or Tropical Storms Irene or Lee, have been acquired from interested homeowners by the Housing Trust Fund Corporation in connection with the acquisition program.
(The HTFC was to created to held provide decent, affordable housing for people of low-income by providing loans and grants for the rehabilitation of existing housing or the construction of new housing under the Low-Income Houstin Trust Fund Program.)

Bidders will have the chance to inspect the available properties prior to the auction at an open house that began on Tuesday and continues until Friday, and at another scheduled for Oct. 19-22.

“Through the NY Rising Acquisition Program, the state offers properties at a fraction of their pre-storm value, while instituting measures to improve the resiliency of the state,” said Lisa Bova-Hiatt, interim executive director of the Office of Storm Recovery. “With this auction begins a new chapter in New York’s housing recovery process, as we continue our efforts to build back in a reimagined way.”

Paramount Realty USA is a Long Island-based real estate company hired by the state to direct and oversee the auction. "The sale of these properties by auction represents an important step in the rebuilding of our communities," said Misha Haghani, the company’s managing principal. "and we at Paramount Realty USA are pleased to be playing a role.”

The properties to be auctioned are primarily single-family homes, but they also include two-family homes and parcels of land. More than half are waterfront or have water views. They were purchased for pre-storm values ranging from $113,000 to $875,000. All sales will be subject to minimum bids as low as $43,000.

The November event will be the second auction of the year. In May, sales totaled $22 million. To date, 127 of those properties, or 93 percent, have closed.

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