Borough seeks money to buy out Valley homes

No decisions have been made about the specific houses that will be targeted.

By: Audrey Levine
   The borough is applying for federal funds to buy out Lost Valley homeowners in the wake of flooding that occurred from the April nor’easter, but officials say the day any properties are purchased is a long way off.
   "People may think the buyouts have already been approved, (but they haven’t)," Mayor Angelo Corradino said. "Right now, we are seeing if the federal government is even contemplating going through with this."
   Although the borough is in the process of creating an application to send to the Federal Emergency Management Agency (FEMA) to apply for the money for buyouts of homes, no decisions have been made about the specific homes that will be targeted.
   Following this approval, he said, the borough will set criteria for which houses are eligible for the buyouts and then discuss the process with residents.
   Right now, Manville is looking to get about $4.9 million in federal aid to take care of houses damaged in Lost Valley. Borough officials, according to Mayor Corradino, are not sure if they will be able to secure this funding from the federal government.
   The total amount of money applied for is based on assessed values of all the Lost Valley properties in late 2005, about $4.6 million, plus $240,000 for demolition. It also includes administrative, legal, appraisal and closing costs.
   If FEMA approves the application for the money, which could take months to complete, it will, however, cover only about 75 percent of the $4.9 million, Mayor Corradino said. The borough will still have to come up with the other 25 percent, probably through applications with the state Green Acres program and open space funds.
   These buyouts have been done in the past, as the government purchased and destroyed 38 homes in Lost Valley that were damaged by Hurricane Floyd in 1999.