In late May of 2010 after the Nashville Floods, the government developed the Flood Home Buyout Program. This program states that the financial sum given to a homeowner will equal the property value appraisal of the house assessed before the flood. The homes will then be torn down and the property handed over to Metro Parks and Recreation as future green space.
The government has officially purchased the first 7 homes from owner’s whose houses were damaged by the flood. The buyout process is moving more quickly in Nashville than it has in other cities and promises to transform streets such as Delray Drive in West Nashville as well as dozens of more homes in Bordeaux and Bellevue. Metro hopes to buy about 30 houses on that side of the street and convert the properties to open, green space.
The federal government will pay 75 percent of the cost, with the state and city splitting the remainder.