Homeowners in the City of Panama City who have experienced repetitive flooding issues may be eligible for a program that would mitigate their homes to prevent future flooding.
The Federal Emergency Management Agency (FEMA), through the Florida Division of Emergency Management (FDEM), has funding available through a Flood Mitigation Assistance Grant Program, with the application period open until October 28. The grant can provide 75 to 100 percent of one of the following mitigation opportunities:
- Acquisition/Demolition Buyout
The definitions per the Flood Mitigation Assistance Grant Program include:
Repetitive Loss Property: An insured property with at least two flood claims where the repairs equaled or exceeded 25 percent of the market value of the structure at the time of the flood event. Or, at the time of the second occurrence, the flood insurance contract must include an increased cost of compliance coverage.
Severe Repetitive Loss: An insured property with a flood history of four or more separate claims of $5,000 each with a cumulative total exceeding $20,000 or at least two claim payments where the cumulative amount of two claims exceeds the market value of the structure.
Homeowners who would like to apply or need more information can call Jennifer Aldridge at (850) 872-3004 or email email@example.com by October 28th.