CEDAR RAPIDS (AP) - More than 300 Cedar Rapids property owners whose homes were damaged in last summer’s record flooding have registered for federal buyouts.

The city announced on Tuesday that 301 property owners have registered for a buyout.

The city mailed letters to property owners last week explaining the buyout program, which is voluntary.

Under the program, the city will buy homes at the pre-flood assessed value.

Officials say the city doesn’t have enough money to pay for the estimated $175 million in property acquisitions but that taking care of registration now will speed the process later.