In cooperation with FEMA and TEMA, Metro will be making buyout offers to about 200 homeowners. These homeowners should be receiving a letter in the mail within the next two weeks. The buyout is voluntary. You cannot be forced to sell.
Buyout prices will be based on the pre-flood fair market appraisal. Closing costs will be covered. Moving and relocation expenses will generally not be covered. You are still responsible for any mortgage.
Whether a home might be eligible depends on the circumstances. Homes in the floodway (the area closest to where water flows during a flood) may not be repaired if they have sustained significant damage (more than 50% of the value of the property). Metro will not issue permits on these homes. Therefore, the homes than cannot be repaired and other homes that had damages of 40% or more of the value of the property will receive first consideration for the buyout. If more funding becomes available, more homes in the 100 year flood plain might be buyout eligible.
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