June, 2008 brought devastation to several Indiana communities when record-breaking rainfalls hit southern Indiana. Although areas of Indianapolis were affected, the hardest hit communities were located south of the Indianapolis real estate market.
While many cities felt some kind of impact, some of the hardest hit were in the Edinburgh real estate market which recorded almost eleven inches of rainfall. Franklin real estate was also greatly effected as they saw waters rise to the height of the first floor in some of their downtown Franklin buildings. One most notable building affected in such a way was the Johnson Memorial Hospital. When the Prince’s Lakes dam gave way, the town of Nineveh was also in peril.
A state emergency was declared in 23 Indiana counties and the United States Coast Guard, as well as the National Guard, was contacted to help with evacuation, guiding traffic and road block enforcing. Many local residences recall it as one of the most frightening times they can remember in their Indiana history. Officials in Seymour reported looting and Remington and Columbus residents died in the flood.
When local resources were not enough, the Kentucky National Guard was called in to help any part of Indiana that was struggling, including assisting any residents who found themselves stranded. Water across the state rose near or to flood levels in 1913, which according to history experts was the worst flood in Indiana’s recorded history, or close to it.
George W. Bush, during his presidency, declared major disaster status to 29 Indiana counties in June of that same year. This declaration began a series of federal help being provided for the area.
It has taken residents all across the state time to return to normalcy. This is no exception for the Franklin flood victims located in the Franklin real estate sector. Homeowners here have had legitimate concerns about listing Franklin homes for sale affected by flooding. Some must even declare their homes as unable to be lived in at all.
Not long after the flood, a report was released that estimated damages could exceed $125 million across the state. Nearly $80 million of that estimate was allocated to private homes and businesses. These estimates are expected to be conservative, however, as final numbers come in across the state. Factoring in all loss, including agriculture, total costs could reach $1 billion.
In response to the crisis, since this time last year, the federal government has provided funding to purchase homes that were damaged by the devastating flooding.
Previously, the city of Martinsville was granted about $3 million toward the purchase of over 30 homes in the area that were devastated by the flood.
Now the Federal Management Agency has granted $4.9 Million to the Franklin flood victims. The money will go toward purchasing around 75 homes in the area. Franklin flood victims will be relieved of approximately 75 percent of the entire cost for the project. A grant from the state will cover the rest, approximately $1.5 million. FEMA is hoping that these purchases will assist with issues of future flood damage because of the open space created by the land.
There is most likely some effect on Indianapolis homes for sale due to the flooding. If you’re interested in listing your home, contact an Indianapolis REALTOR® to ask about how the market has been affected over the last year.