The 504 people chosen by a lottery to receive the rebates, along with alternate recipients, will be notified by Friday.
The residents can select from storm cellars or safe rooms approved by the city. To remain eligible, homeowners must get permission to proceed before installation.
The application process involves several steps and approval from the federal government, so installations likely won't occur until after this spring, Barnes said.
The 504 homeowners and are evenly distributed throughout the city's eight wards.
Some of the roughly 3,300 applicants weren't eligible to receive the rebate because of issues with the location of the property, Barnes said.
Homes in historic districts and homes with any portion of the property in designated flood plains were not eligible because of federal rules.