I vaguely remember some smaller communities in Iowa (under 500) that discussed whether or not they should move their towns periodically in the past 15 years. Chelsea is the one that sticks out in my mind the most. After thinking about it, I came up with one, Elkport, it's this tiny and I mean tiny town in Clayton county that flooded back in 90s and apparently flooded again a few years ago. FEMA did buy it out a few years back. I didn't even realize it was incorporated, but my aunt and uncle used to live just outside of it back in the 80s. I think the links in the bottom of the wiki article mention a few other communities that FEMA bought out.
http://en.wikipedia.org/wiki/Elkport%2C_IA
The flooding seems to be getting a fair amount of coverage, at least here in the border states - I've been asked by a lot of people that I cross paths with on a daily basis about it. Yesterday when I had a lot of windshield time, NPR did two or three different stories on it in the morning - general one about Cedar Rapids, one about Burlington and another about Gladstone, IL.