Cedar Rapids Gives Flood-Damaged Homes to Builders

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By Becky Ogann

Story Created: Aug 31, 2010 at 10:52 AM CST

Story Updated: Aug 31, 2010 at 4:40 PM CST

CEDAR RAPIDS, Iowa (AP) - Cedar Rapids is giving away flood-damaged homes to builders and nonprofits for renovation and resale.

City officials are trying to save some of the "least-badly" damaged homes among about 1,200 buyouts. Builders and nonprofits can get the homes for free in exchange for rehabilitating and selling the homes at a 15 percent profit margin.

Eighteen builders and contractors and three nonprofits have identified 100 homes they're interested in obtaining.

Under the program, once the city buys out a home it will notify the developer, who has 21 days to submit a renovation plan. The renovation must be done within 60 days, with the home sold to someone who owns and occupies it within a year.

Flood victims who owned the home and were bought out have right of first refusal in the sale.

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