A substantial $42 million voluntary buyout program was met with relief and anticipation by residents of Rancho Palos Verdes, as announced on Monday by city and state officials. The initiative, a welcome response to the ongoing land movement that has plagued the Greater Portuguese Bend area, is a joint effort by the city, the Federal Emergency Management Agency (FEMA), and the California Governor's Office of Emergency Services (Cal OES). According to a KTLA report, the program aims to provide homeowners with "fair market value" based on pre-disaster appraisals for properties damaged or threatened by the landslide.
To be considered for the program, affected property owners must contact the city by November 4 to request a voluntary property inspection, and submit their applications by November 8, as per the program's guidelines provided by the City of Rancho Palos Verdes.
Rancho Palos Verdes Mayor John Cruikshank expressed the city's commitment to the program, emphasizing the importance of offering a viable path forward for residents facing the loss of their homes. "This buyout program provides a viable pathway forward for our most vulnerable community members, offering the opportunity to relocate and rebuild with meaningful compensation," Cruikshank told ABC7.
The program's cost will be shared between FEMA and affected property owners, with FEMA covering 75% and the homeowners contributing the remaining 25% via a reduction in fair market value payment. Property owners may withdraw at any stage, ensuring residents have control over the process up to the sale's close, and all properties purchased under the program will become deed-restricted open spaces. "For the past two years, our residents have endured extraordinary hardships as a result of this landslide, with some facing the real prospect of losing their homes entirely," said John Cruikshank, Mayor of Rancho Palos Verdes. "This buyout program provides a viable pathway forward for our most vulnerable community members, offering the opportunity to relocate and rebuild with meaningful compensation," he added, in a statement reiterated by CBS Los Angeles.
