FRANKFORT, Ky. (LEX 18) — Kentucky Gov. Andy Beshear announced the state is sending more than $118.2 million to six counties to purchase properties from homeowners in flood-prone areas following devastating floods earlier this year.
A release from Beshear's office detailed that the voluntary buyout program will benefit an estimated 600 homeowners in Floyd, Knott, Letcher, McLean, Perry and Pike counties, allowing them to relocate to safer areas outside floodplains while receiving fair market value for their homes.
"Nobody should have to stay in a flood-prone area simply because it's too expensive to move," Beshear said. "These buyouts will put money in the pockets of Kentuckians, keep our people safe and help our counties save money in the process. When our people go through tough times, we'll be there to show them love and support them as they build back."
The funding, officials reported, combines $106.7 million in federal money from the Emergency Watershed Protection Program, administered by the Natural Resources Conservation Service under the U.S. Department of Agriculture, with $11.4 million in state matching funds through Kentucky's Local Match Participation Program.
The Emergency Watershed Protection Program pays homeowners fair market value for their properties and covers eligible relocation costs. The program requires local governments to provide matching funds, which Kentucky is covering through state bond funds approved by the General Assembly, Beshear's office added.
"As we continue to rebuild, these buyouts, if accepted by affected citizens, will help our people get a fair price for their property," Dame said. "This program is helping people who have been through a life-altering event, showing that smart governance can be a force for good."
For Eastern Kentucky homeowners participating in buyout programs, the state encourages completing an interest form on HousingCantWait.org, officials said.
Team Kentucky is developing eight high-ground neighborhoods in Knott, Letcher, Floyd, Perry and Breathitt counties, plus additional housing across Eastern Kentucky to help flood survivors remain in their communities.
