Floyd County town working closer to FEMA buyouts
WAYLAND, Ky. (WYMT) - The small town of Wayland in Floyd County has recently made strides to ensure FEMA buyout programs and acquisitions go smoothly.
The city of Wayland has had issues with flooding for as long as Mayor Jerry Fultz can remember, but the town previously applied for FEMA’s buyout program.
“It’s been four, maybe five years when we first submitted an application for a FEMA buyout, that’s an acquisition and demolition program,” said Mayor Fultz.
The town’s city council recently approved a resolution to open a $250,000 credit line at a local bank, which will allow the town to purchase properties participating in the buyout. After the acquisition of these properties, FEMA will then reimburse the town’s purchase.
Six properties were chosen to participate in the buyout program and were designated as “repetitive loss” properties.
“The six properties that are included in this buyout were severely repetitive loss properties,” said Mayor Fultz, “meaning they had had repetitive losses and collected flood insurance.”
After paperwork is signed and appraisals on each property are finished, many families will have a tough decision to make. Accept the buyout and see their homes destroyed.
“If it were sitting somewhere else, it would be a greater value, but it’s not, it’s right here, and we have to take whatever they give us if we go with the buyout, which is going to be maybe a third of what it might be worth,” said Wayland homeowner and long-time resident Carole Bentley.
Or reject the appraisal and continue to rebuild their homes and their lives.
“I went to school here, my daughter went to school here, our kids went to school here, and it’s just... it’s a lot of memories, a lot of things - where you are and who you are,” said Bentley.
Mayor Fultz added that the buyout program’s appraisals and offers will not start until FEMA sends the town a contract, but with the recent resolution, the town will be ready when that day comes.
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