Good morning Elizabeth -
I might propose an entirely different approach -- using population-weighted centroids for the spatial analysis. (What if the entire population is in the 25% of the block group land area that is outside the floodplain?) If the centroid falls within the floodplain, I'd assign the population to the floodplain, if outside, I would exclude the population from the floodplain.
The centroid method, of course, introduces its own kind of potential error, so you could always run the analysis both ways and report a range?
You can find the block group weighted centroids here:
www.census.gov/.../centersofpop.html