Panama City has new housing program for first-time homebuyers

PANAMA CITY, Fla. (WJHG/WECP) - The need for affordable housing in Panama City is only growing. However, Panama City leaders came up with a housing strategy at Tuesday’s commission meeting.

They passed the “2023 Infill Program for City Lots” agenda item. It’s targeted toward first-time homebuyers who fall under a specific income bracket.

The city owns around 50 lots. The program allows those lots to be turned into viable housing alternatives.

“The City of Panama City is not interested in the business of owning land and being a developer,” Commissioner Josh Street said. “So, this is allowing us to get these lots that we’ve accumulated over the years, whether it be through tax sales, or whether it be through purchases and CRA areas, and utilizing SHIP funds out to the general population and getting people into first-time homes.”

Contractors work with those who qualify to help them build affordable homes.

Contract negotiations are created. Contractors must also provide a performance bond. It helps ensure a home can be sold to another party if the initial buyer backs out.

“If the contractor defaults in some way, we have the ability to complete the house to ensure that either the purchaser is still able to buy the home, or that the city isn’t stuck with a partially complete home,” City Manager Mark McQueen said.

McQueen also said federal money for Hurricane Michael Relief is funding the program.

You can contact City Hall directly and ask to speak to the Housing Department for more information.

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