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Flood property buyouts coming to a close

BY KRISTEN EAST | AUGUST 24, 2012 6:30 AM

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Property buyouts in Iowa City’s Park View Terrace and Taft Speedway neighborhoods, which were hit in the 2008 flood, have taken place since 2009, and city officials said in a press release Thursday that those efforts are now coming to a close.

Ninety-three homes have been purchased through the program. Funds from the buyouts are being used to remove residential properties from the floodplain, the release said, and the remaining homes will be demolished this fall — 82 structures have been demolished.

Two recovery grants were used to purchase a majority of the properties. The Hazard Mitigation Grant Acquisition Program helped the city acquire 35 homes, and the Community Development Block Grant Buyout Program was used to buy 52 properties. Community Disaster Grant funds purchased six homes.

City officials have spent roughly $21 million on acquisition, demolition, and relocation expenses for participating property owners, according to the release. They expect the total amount to be roughly $22 million.


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