FRANKLIN, Ind. -- The rain may be falling outside, but some Franklin residents are taking shelter in the knowledge they'll soon be rid of their flood-damaged homes.

Officials with the Federal Emergency Management Agency presented a check for $4.9 million to the City of Franklin Thursday night to buyout homeowners impacted by the devastating flood of 2008, 6News' Rick Hightower reported.

About 75 homes are now abandoned in the affected neighborhood on the south side of the Johnson County city.

"It's wonderful. It gives us a little peace of mind," said homeowner Kathy Goff. "We've had good leadership, so it's a step forward."

Homeowners are expected to get the average of two market appraisals as if their homes were never damaged. Most homeowners could be ready to close within 45 days, officials said.

Flood victim Kelly Peters said she is looking forward to having closure.

"Finally, a chapter that can be closed in our life and we can move on," she said.

The damaged homes will be torn down to make way for a green space.