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Flood Recovery Business Information

Post-Flood Resources:

APPLICATIONS ARE NOW BEING ACCEPTED FOR ADDITIONAL FINANCIAL ASSISTANCE FOR FLOOD-IMPACTED LOCAL BUSINESSES AND LANDLORDS. (posted 12-29-09, updated 5-18-2010).

Application and Supporting Documentation:

Download, fill out, and print all four (4) documents to apply, including all required documentation.

1) Application
2) Affidavit
3) Subrogation Agreement
4) Consent & Release

Completed application forms should be printed, mailed/delivered to Doug Ongie, Comm. Develop. Planner, City of Iowa City, 410 E. Washington Street, Iowa City, IA 52240.

Categories of Assistance:

Two new programs for flood-impacted businesses are now available (updated 5/18/2010):

1) Equipment Reimbursement Assistance Program

This program provides financial assistance for equipment to businesses that owned their own building or leased rental space during the 2008 disasters. The business must have sustained physical damage to machinery, equipment, furniture, inventory or supplies. Awards are limited to 75% of replacement cost, not to exceed a total amount of $75,000 per business.  Please note:  businesses which received funds through the Business Rental Assistance Program (BRAP) or Expanded Business Rental Assistance Program (EBRAP) will not be eligible for additional assistance under this program.

2) Flood Insurance Reimbursement Program

This program provides financial assistance to reimburse businesses for the cost of one year of flood insurance. Businesses are eligible if they:

• had water in their buidling as a result of the 2008 disaster, involving overland flow or sewer backup; and/or
• are located in the 100 or 500-year floodplain. Under this criteria, businesses that located to either floodplain subsequent to the disaster may also be eligible for assistance.

Reimbursement is for a one-time, one year of coverage, up to $5,000 per qualified business. The flood insurance policy start date must fall between January 1, 2010 and December 31, 2010.

The following categories of assistance continue to be available: 

1) Expanded Business Rental Assistance: A Business Rental Assistance Program expansion now includes machinery and equipment lost in the flood. This is for businesses who qualify or qualified previously for the Business Rental Assistance Program, or those who have remained in or relocated to commercial space that suffered flood damage.

2) Loan Interest Supplement:  A Loan Interest Supplement Program to help businesses pay for the interest on flood recovery loans. The program will supplement disaster loan assistance up to a total of $50,000 over a 36-month period.

3) Commercial Rental Revenue Gap Program: A Commercial Rental Revenue Gap Program designed to assist with cash flow for commercial building owners to offset the loss of revenue from rental space that was damaged by the flood. Up to 12 months of lost rental revenue may be available to businesses who own commercial rental property up to $25,000 per unit.

4) Residential Landlord Business Support:  A Residential Landlord Business Support Program designed to compensate for lost rental revenue for residential rental landlords providing affordable housing, whose rental units were physically damaged by the flood. Landlords may be eligible to receive up to $15,000 per business tax identification number.

Questions can be directed to: 

Doug Ongie, Community Development Planner, at 319-356-5479 or doug-ongie@iowa-city.org or

Wendy Ford, Economic Development Coordinator, at 319-356-5248 or wendy-ford@iowa-city.org