Panama City approves home buyout program for 21 properties in high risk flood areas

Nathan Cobb, The News Herald
·2 min read

PANAMA CITY — Local officials took big steps Monday to help residents whose homes regularly flood.

In a City Commission meeting Monday, leaders 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.

Panama City officials on Monday approved the first phase of a voluntary home buyout program, which will allow the city to use a grant from the state to purchase 21 homes along Cincinnati Avenue and Lake Avenue.
Panama City officials on Monday approved the first phase of a voluntary home buyout program, which will allow the city to use a grant from the state to purchase 21 homes along Cincinnati Avenue and Lake Avenue.

Flooding in these areas was worsened by Hurricane Michael, a Category 5 storm that struck the Panhandle in October 2018.

"Knowing that there's 21 (homeowners) who have hope of a better future than what they had previously is pretty rewarding," said Josh Street, a member of the Panama City Commission. "Also, I don't discount that we still have a lot of work to do beyond this."

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According to Street, there are about 85 homes and businesses just within the St. Andrews area that now flood about three to four times a year following Michael.

All 21 homes in Phase 1 of the buyout program are located on the 1800 block of Cincinnati Avenue and Lake Avenue. The homes range in price from $155,000 to $215,000.

Panama City officials on Monday approved the first phase of a voluntary home buyout program, which will allow the city to use a grant from the state to purchase 21 homes along Cincinnati Avenue and Lake Avenue.
Panama City officials on Monday approved the first phase of a voluntary home buyout program, which will allow the city to use a grant from the state to purchase 21 homes along Cincinnati Avenue and Lake Avenue.

"One of the reasons that we focused on this specific area is because of its location next to a regional stormwater pond," Street said. "This is kind of the end of the line for a lot of other areas that are flooding as well. By purchasing these homes, it gives us the opportunity to expand that stormwater facility and hopefully alleviate flooding for other neighborhoods."

Buyout program could be expanded in the future

DEO doled out $5 million for Phase 1, of which about $1 million will remain after the 21 homes are purchased. This will be used to cover additional expenses, including appraisals, environmental reviews, relocation allowances and closing costs for the selected homeowners.

Looking ahead, Street, who noted the buyout program has been in the works for awhile, 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."

This article originally appeared on The News Herald: Panama City approves voluntary home buyout agreement with FDEO