Federal buyouts on the way for 149 flood-ravaged homes

Federal buyouts are on the way for 149 flood-ravaged homes statewide, with more than half of those homes located in Passaic County.More than $16 million

WAYNE - Federal buyouts are on the way for 149 flood-ravaged homes statewide, with more than half of those homes located in Passaic County.

More than $16 million in public money has been earmarked to buy 84 storm-damaged homes in Passaic County. New Jersey as a whole will receive $37.7 million, 75 percent of which will come from the Federal Emergency Management Agency (FEMA) . The rest of the funding is coming from local governments or state agencies, according to Sen. Frank Lautenberg (D-N.J.)

Towns slated to share the $16.5 million are Wayne, Pompton Lakes and Little Falls. Each town had to identify homeowners willing to sell their property and bring that information to the state, which then applied for federal funding.

Homeowners News 12 New Jersey spoke with in Wayne are skeptical. They say prices offered based on current market value might not cover what they owe on their house and still leave them with no place to live.

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