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Home Buyout Program OK’d in High-Risk Flood Areas

The voluntary program will allow the city 6o use over $3.9M from the Fla. DEO to buy 21 homes in areas that now flood often after Hurricane Michael in 2018.

PANAMA CITY, Fla. – The Panama City Commission on Sept. 12 approved Phase 1 of a voluntary home buyout program, which will allow the city to use more than $3.9 million from the Florida Department of Economic Opportunity to purchase 21 homes located in high-risk flood areas.

Flooding in these areas was worsened by Hurricane Michael, a Category 5 storm that hit the area in 2018. There are approximately 85 homes and businesses just within the St. Andrews area that now flood about three to four times a year following Michael.

Josh Street, a member of the Panama City Commission, said he and other city officials are working to secure more funding to implement additional phases in the future.

“We’re going to continue to advocate with DEO, with the state, with the federal government and any organization or government entity that we can to try and help each and every one of these (additional) homeowners (also dealing with regular flooding),” Street said. “To know that we’ve got (21 homeowners) who routinely flood hope is a massive step in the right direction.” 

Source: Panama City News Herald (09/14/22) Cobb, Nathan

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https://www.floridarealtors.org/news-media/news-articles/2022/09/home-buyout-program-okd-high-risk-flood-areas