Cedar Rapids receives $100 million for flood buyouts

The city now has about $100 million in federal money to buy out some 1,000 flood-damaged properties.

On Friday, the state of Iowa announced that Cedar Rapids would receive $95.5 million from a total of $150 million in federal Community Development Block Grant funds for property buyouts in Iowa. Cedar Rapids' award will allow buyouts of 852 properties, according to Gov. Chet Culver's office.

In Johnson County, Iowa City will receive $11.7 million for 52 properties; Johnson County, $1.4 million for 18 properties; Coralville, $321,000 for three properties. Cedar County will receive $104,579 for two properties.

Another $70 million in buyout funds are available, but cities must submit additional applications to the state to receive those funds for properties outside the 100-year flood plain that are not safety hazards or beyond reasonable repair.

The city of Cedar Rapids had asked for about $140 million in block-grant funds for buyouts, and the city, no doubt, will apply to receive more than the $95.5 million awarded the city on Friday.

Greg Eyerly, the city's flood-recovery directory, said the hoped to be able to access some of the block-grant funds by as soon as next month. The city already has established a buyout procedure, which some property owners already have begun to make their way through.

All these block grant funds are part of a $516.7-million award to the state of Iowa first announced by the U.S. Department of Housing and Urban Development in June.

The city of Cedar Rapids also has received $7.4 million from the Federal Emergency Management Agency to buy out 117 properties close to the river to create a greenway.