Preliminary HUD approval for CR flood buyouts - KWWL - Eastern Iowa Breaking News, Weather, Closings

Preliminary HUD approval for CR flood buyouts


CEDAR RAPIDS (KWWL) - Cedar Rapids mayor Ron Corbett announced Wednesday that HUD is willing to adjust the fair market value percentage of 107% of pre-flood assessed value for the City's Voluntary Property Acquisitions outside of the Greenway area.

"Recent improvements to the City Assessor's database helped us make the case by refining the fair market value in the flood-impacted neighborhoods. The next step is state approval through the Iowa Department of Economic Development (IDED). This adjustment only applies to buyouts outside the Greenway. We're still working with FEMA to find a way to make these adjustments for properties inside the Greenway," said Corbett. "We're also pursuing a possible strategy to alleviate some of the duplication of benefits issues as they relate to the Replacement Housing Assistance Program. When this program is used locally, we found that there are still inconsistencies for our flood victims. We have identified an option to address this issue by using funding from Local Option Sales Tax revenue. The intent of this strategy is to ensure that all flood victims are treated equally. This proposed change would apply to all buyouts in all flood-damaged areas. The City Council will consider this proposed strategy at our February 17 meeting."

Corbett went on to say, "Each buyout situation is unique based on difference circumstances. That's why I urge all flood victims to set up their buyout meeting as soon as they receive a letter from the City. The only way flood victims will find out if they are eligible for these benefits is if they sit down, meet with us and go through the numbers. And if you don't agree with your offer, the City is providing an appeal process.

For more information about the City of Cedar Rapids Voluntary Property Acquisition process, click here.

Online Anchor/ReporterBob Waters




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