Funding is coming in for Panama City voluntary home buyout program

Panama City

PANAMA CITY Fla. (WMBB) — After months of waiting, Panama City residents who applied for the Voluntary Home Buyout program will start seeing some action. 

Tuesday, the city commission officially released funding and selected an appraiser. 

This program gives the city around $5 million to purchase homes that continuously flood in rain events.

This funding is through Community Development Block Grants for Disaster Recovery.

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Panama City City Commissioner Josh Street said soon the property appraiser will visit the selected homeowners to calculate the value of their home.

“So they are going to be evaluating the home on really what they are worth today not taking into account that they flood consistently,” said Street. “So this is really the best way for the homeowners to get the highest and best value for their home.”

Commissioners say some of the worst areas for flooding are Cincinnati and Lake Avenues.

Officials expect home evaluations to start within the next month. 

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