Rancho Palos Verdes residents, dealing with severe landslides and property damage, have been offered a $42 million voluntary buyout program by state and federal officials.
The program, funded by FEMA and the California Governor’s Office of Emergency Services, aims to assist homeowners affected by the landslides to relocate and rebuild with fair compensation.
Driving the news: Over 250 homes in Rancho Palos Verdes have experienced land movement and utility shutoffs in the past two years, prompting residents to face substantial costs in fortifying foundations and transitioning to alternative energy sources.
- The funds from FEMA were allocated after wet winter storms in January and February exacerbated the landslides, resulting in the declaration of a disaster by federal officials.
The big picture: The voluntary buyout program aims to facilitate eligible homeowners relocating to safer areas by offering fair market value for their homes, with acquired properties being converted to open space and deed-restricted to prevent future redevelopment risks in vulnerable areas.
- Interested property owners are required to request a voluntary property inspection from the city and submit a completed program application to be considered for the buyout program, with prioritization based on safety concerns, structural condition, and utility statuses.
