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ROSWELL, N.M.—President Joe Biden has declared a major disaster area in southeast New Mexico after historic flooding killed two people and forced the rescue of more than 300 last month.

The declaration announced Friday makes federal funding available to residents in Chaves County, where 5.78 inches of rain fell Oct. 19, breaking Roswell’s previous daily high of 5.65 inches set on Nov. 1, 1901.

Mayor Tim Jennings called it “a 500-year flood” and estimated the damage at up to $500 million.

City officials said the Roswell Museum sustained at least $12 million in water damage and pieces of artwork were being sent out of state to be repaired.

The Biden administration said the federal assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses and other programs to help individuals and business owners recover.