Around 2,000 homeowners in flood-prone areas of the Northern Rivers of NSW will now be eligible to raise, repair and retrofit or have their home voluntarily bought back, as part of a new $800m program.

The NSW and Commonwealth governments joint funding will support this program in seven LGAs, including Ballina, Byron, Clarence Valley, Kyogle, Lismore, Richmond Valley and Tweed.

The Northern Rivers Resilient Homes Fund package will also provide financial assistance of up to $100,000 for house raising or up to $50,000 for retrofitting for homeowners in areas where flood risk can be reduced by better building standards.

The NSW government will provide $100m to acquire land and open up new flood safe locations for future development in partnership with the Northern Rivers Reconstruction Corporation.

This corporation is currently conducting an expression of interest process to identify suitable parcels of land.