FRANKFORT, Ky. (LEX 18) — More than a month after Franklin County held its first public meeting about a property buyout program for flood victims, county officials say the program is gaining momentum with dozens of residents already receiving federal funding.
The program, designed to help residents affected by April's catastrophic flooding, has attracted roughly 30 applicants in its first round. As of Monday, 23 of those residents have already received 75% of their property's appraised value through federal funding from the U.S. Department of Agriculture.
"There were a lot of unknowns when we did the town hall. But we knew it was our responsibility to care for our community and so that's why we went ahead and jumped in as fast as we could," said Franklin County Judge-Executive Michael Mueller.
The flooding in April damaged 514 homes throughout the county. In early July, county leaders held a town hall to explain the buyout program, which operates through the Natural Resources Conservation Service as part of the Emergency Watershed Protection Program.
Covering Kentucky
Franklin County offers buyout program for flood-damaged homes
The program offers to purchase flood-damaged properties at their value from one day before the flooding occurred. County leaders say the purchased properties will be converted to greenspace to prevent future flood damage.
Currently, the program is 75% funded through the USDA. The county is waiting on a state grant that could cover about 20% of the costs, with Franklin County prepared to cover the remaining 5% if needed.
"I know the fiscal court has went ahead and voted on five percent of the money, we've put that in allocation of the budget to be approved," Mueller said. "I think it's just a matter of the legislators coming back in, we show them the paperwork now, and I think it's just going to be a process."
The entire buyout process typically takes 15 to 16 months to complete. Mueller emphasized that residents don't have to accept the offer even after applying.
"Let's say you have a $400,000 home. It's worth nothing right now. Most people don't have insurance, or couldn't get flood insurance, so if you're gonna wait 15 months, and you could potentially get 100% of the value prior to the disaster, it's worth waiting," Mueller explained.
Another round of applications is due Friday for residents interested in participating in the program.
Franklin County is one of only five counties in Kentucky that were approved for the federal buyout program following the April flooding disaster.
To inquire about applying to the program, you can call (606) 268-4228 or email buyout@erassist.com
