CR Flooded homeowners to get 107 percent of home value - KWWL - Eastern Iowa Breaking News, Weather, Closings

CR flooded homeowners to get 107 percent of home value

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CEDAR RAPIDS (KWWL)-- Around 1,200 flood-damaged homeowners in Cedar Rapids will get more than the pre-flood value of their home.

The U.S. Department of Housing and Urban Development  has agreed to pay the owners 107 percent of their home's value; they expected to get 100 percent. The properties have been bought out using federal Community Development Block Grant funds.

Mayor Ron Corbett says the city will use local-option sales tax revenue to help flooded homeowners with down payment assistance on their new home. They would get up to $25,000 in assistance.

The HUD decision to buy out properties for 107 percent of pre-flood value will affect some 1,200 property owners who will have their properties bought out using federal Community Development Block Grant funds.

 

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