Marathon Looking for More Applicants for Flood-Prone Property Voluntary Buyout Program

The Florida Keys is a part of a governmental program managed by the state Department of Economic Opportunity. The program, known as the Community Development Block Grant - Disaster Recovery, is aimed at finding a solution for both cities and residents who are plagued with repeated flooding as a result of environmental factors. Following the incredible damage of the 2017 Hurricane Irma, the Florida Keys were given, as a result of this project, $75 million to fund a voluntary home buyout program of homes that had repeated flood damage. Homeowners who choose to participate will work out a fair dollar deal pricewise with the city in which they live, who would then purchase the home directly from the homeowner. The property is then torn down. Instead of rebuilding on the existing site, the property will either be left as a green space for the city or will be used for stormwater management. Hence a win-win for both the homeowner and the city. 

The city of Marathon currently has nine properties in the pipeline for the grant program. Having $5 million to spend to complete the project, however, the city is looking for more participants. City officials estimate that they have funding to purchase 10 to 15 additional homes and are actively looking for homeowners to fulfill the grant. If you have a Marathon Florida home that has repeatedly suffered water damage from flooding as a result of natural events like storms or hurricanes, you are eligible to participate in this voluntary program. It is a hassle-free way to sell your home without passing along the inconvenience of a flood-prone property to another buyer. 

A recent change to the law regarding home purchase changed the fair-market value that can be paid from pre-2017 market values, to current fair market value - meaning that the price you could receive from the program should be substantially higher than originally proposed. While the ceiling on what is allowed to be paid for any individual property is set at $750,000 it has been reported that most homes that receive funding are typically in the $250,000 range. This process can be much easier and more cost effective than paying for repeated damages or trying to undergo flood-mitigation steps such as re-grading the land or replacing gutters or drainage systems. This could be a perfect opportunity for many Marathon residents! Contact the City of Marathon if you are interested in applying for this program.