Hannibal to pursue flood buyout program

Wednesday, August 6, 2008

HANNIBAL, Mo. (AP) -- The city of Hannibal is exploring a buyout of homes affected by this summer's flood.

The Hannibal City Council on Tuesday agreed to develop a draft program that would be brought back to the council for review.

City Manager Jeff LaGarce said some homeowners have expressed interest in such a program.

If the program moves forward, the Federal Emergency Management Agency would pay 75 percent of the buyout cost. The remaining 25 percent would be matched locally.

LaGarce said the city would pursue a $500,000 Community Development Block Grant to fund its 25 percent local match.

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