Lexington Kentucky Real Estate

Lexington KY has received $1 million to purchase homes that are located in flood prone areas.  This money was given as a grant from FEMA to help reduce the amount of Lexington homes that are prone to water problems.  9 homes have been identified to have chronic flooding issues, and those homes will be purchased, and razed.  The properties are located in the Joyland subdivisionon Shandon Drive as well as Fort Sumter Drive which is located off Eastland Parkway here in Lexington KY.

The total estimated cost to address the flood prone areas in these communities is estimated at $1.3 million.  The additional $300,000 is to be contributed by the city of Lexington.  The 9 homes located within this area haven’t actually been purchased yet – but all home owners have been told that the cities intentions to acquire their homes as part of the grant received from FEMA.  There are no plans proposed for the 9 properties to be razed.  They may used as green space – but no new construction projects will be allowed on the properties.  [The green space concept is a cost saving measure as its much cheaper to purchase the Lexington homes adn raze them than it is to put in infrastructure with storm drainage projects.]

This entry was posted on Saturday, October 4th, 2008 at 11:39 am and is filed under Fayette County, Lexington KY Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.