476

City officials in Cedar Rapids, Iowa, are trying to salvage 476 of the “least-badly” damaged homes that flooded in Cedar Rapids, Iowa, in 2008 by offering them to builders and nonprofit groups for free. The homes are among the approximately 1,200 that were bought out after the 2008 floods. The homes would be renovated and sold at a 15 percent profit margin. Eighteen builders and contractors and three nonprofit organizations have identified 100 homes they’re interested in obtaining. The 21 qualified bidders submitted a total of 564 requests for those 100 homes. A few of the homes were desirable enough that their owners have dropped out of the city buyout program.