FEMA, Cal OES announce $42 million voluntary buyout program to Rancho Palos Verdes homeowners impacted by land movement
- A $42 million voluntary buyout program has been announced for homeowners impacted by land movement in Rancho Palos Verdes, California.
- Residents are being offered fair market value for their properties, which will be evaluated based on safety and structural conditions.
- The initiative aims to provide relief for homeowners facing extraordinary hardships and prevent future redevelopment risks.
Rancho Palos Verdes, CA has launched a $42 million voluntary buyout program for residents impacted by land movement that has been ongoing since 2023. This initiative was revealed by state and city leaders as part of efforts to assist homeowners facing damage or threats from landslides, flooding, and mudslides, particularly after severe storms that led to a disaster declaration by President Biden in early 2024. The program, funded through FEMA’s Hazard Mitigation Grant Program, aims to help residents relocate to safer areas by offering them fair market value for their properties. Remaining properties acquired will be permanently converted to open space to mitigate future risks in the vulnerable regions. The city expects to evaluate applicants based on various factors, including structural safety and utility status. The program also stipulates deadlines for property inspections and applications, indicating a structured approach to the urgent needs of affected residents.