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Information from the Alberta Government released earlier this week, should give Albertans affected by the flooding a better idea about funding they'll receive.

The funding is based on the cost of construction per square foot, and according to the government, is meant to return homes "to a functional, basic level of finish, based on the existing developed space of the home." - CREB Real Estate News

 

On average, this works out to about $10,000 to renovate or rebuild homes for those living in flood-fringe areas. How does the formula break down? Here's the basics:

 

• Bungalows and bi-levels: $126 per square foot for above ground, $25 per square foot for foundation and $35 per square foot for basements

• Two-storey homes: $121 per square foot for above ground, $23 per square foot for foundation and $35 per square foot for basements

• Townhouses and duplexes: $113 per square foot for above ground, $23 per square foot for foundation and $35 per square foot for basements

 

For more information on the funding for flood victims, visit the Government of Alberta website here.

A new funding formula based on square footage was also announced for homes needing to be rebuilt. Under the formula, homeowners in bungalows and bi-level will receive $126 per sq. ft. for above grade work, $25 per sq. ft. for foundations and $35 per sq. ft. for basements. Homeowners with two-storey homes will receive $121, $23 and $35, per sq. ft., respectively, while townhouses and duplex homeowners will get $113, $23 and $35 per sq. ft. for the same work. - See more at: http://www.crebnow.com/new-standards-for-building-and-repair-funding/#sthash.HHZnnsv2.dpuf
A new funding formula based on square footage was also announced for homes needing to be rebuilt. Under the formula, homeowners in bungalows and bi-level will receive $126 per sq. ft. for above grade work, $25 per sq. ft. for foundations and $35 per sq. ft. for basements. Homeowners with two-storey homes will receive $121, $23 and $35, per sq. ft., respectively, while townhouses and duplex homeowners will get $113, $23 and $35 per sq. ft. for the same work. - See more at: http://www.crebnow.com/new-standards-for-building-and-repair-funding/#sthash.HHZnnsv2.dpuf
The funding is based on the cost of construction per square foot, and according to the government, is meant to return homes “to a functional, basic level of finish, based on the existing developed space of the home.” - See more at: http://www.crebnow.com/new-standards-for-building-and-repair-funding/#sthash.HHZnnsv2.dpuf

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