Grafton residents and property owners affected by the flood of 2008 may finally get financial compensation for their losses through a property buyout program backed by the federal government. The Illinois Department of Commerce and Economic Opportunity appropriated $1-million of federal grant funding from the IKE Disaster Recovery Program to support the buyout and develop those properties into green space.

Once the offers are accepted, asbestos removal, property demolition and debris removal will be done by engineers hired by the city. As part of the agreement, the green space then becomes city property that can not be sold or rebuilt upon.

(Copyright WBGZ Radio/