IOWA CITY - Iowa City says it doesn't look good for most of the 247 flooded-out homeowners who are waiting for buyout options.

So far only one house has qualified for a buyout. Yes, and all the homes in the Idyllwild condominium community will be classified as one property. The city and homeowners say the news is disheartening.

Time is running out for flood victims in Iowa City waiting for financial help.

"It's a challenge. The clock is ticking. People are facing foreclosure. People are facing bankruptcy," said Michael Lombardo, City Manager, Iowa City.

Some homeowners say the guessing game has gotten old.

"It does no good to speculate about this could happen if we get a buy-out or this could happen if we don't get a buy-out," said Steve McGuire, waiting for word on a home buy-out.

McGuire's home sits in the 100-year flood plain. But he still doesn't know if the city will be able to help him. And, neither does the city.

"We need to know funding now. Not two months from now. Not five months from now. We need to get these people relief and we can't move forward with that until we know what's coming our way," said McGuire.

But the city says it doesn't expect an answer for a few more months. Meanwhile, homeowners want the city to start focusing on mitigation efforts.

"If 100 homes remain in this neighborhood alone that's well over $3 million in property tax. I would hope the city would make an investment in significant mitigation," said McGuire.

And the city says it wants to protect the neighborhoods in way that protects their quality of life and aesthetic appeal.

"Right now we're looking at various flood wall or levy type systems. I don't know if wrapping a wall around these neighborhoods is really the best solution," said Lombardo.

Some homeowners in the Idylldwild neighborhood say that the city's use of an old flood plain map to determine which homes receive money is hurting their chances. But it looks like no matter how much money Iowa City gets for buyouts, it won't be enough for everyone. So the city will be forced to pick and choose which homeowners to help.