Cedar Rapids Iowa, OKs First Round of Flood Buyouts

December 18, 2009

Cedar Rapids, Iowa, which recently enacted stricter flood zone regulations, is moving ahead with buying houses damaged in last year’s flood.

The City Council has approved the first batch of buyouts of 28 properties. They are in a group of 117 heavily-damaged homes at high risk to flood again, which Federal Emergency Management Agency is helping to purchase to create a greenbelt along the Cedar River.

FEMA will pay 90 percent of the purchase cost and the state will pay 10 percent.

The process, when completed, could result in as many as 1,200 buyouts.

The buyouts are based on the pre-flood value of a property minus insurance payouts or earlier FEMA payments.

Information from: The Gazette, http://www.gazetteonline.com/

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