Homeowners Eligible for Part of $42M Buyout Program—See if You Qualify!

According to The Sun, Homeowners affected by the Rancho Palos Verdes landslide in southern California now have an opportunity to sell their properties through a voluntary buyout program, city officials announced on Monday. This new initiative, funded by FEMA and the California Governor’s Office of Emergency Services, aims to help residents relocate to safer areas.

Who is Eligible for the Program?

Property owners in Rancho Palos Verdes who have experienced shifting land around their homes due to landslides are eligible for the buyout program. Over the past two years, landslides in the area have caused significant property damage, buckled roads, and disrupted utility services. The program provides an option for those impacted to receive compensation for their homes.

How Does the Buyout Work?

Eligible homeowners can apply to sell their homes at fair market value based on appraisals from before the disaster. According to the city’s news release, the appraised value will be determined based on December 1, 2022—prior to the landslide’s worsening impact.

Rancho Palos Verdes Mayor John Cruikshank expressed hope that this program will provide relief for residents, stating, “This buyout program provides a viable pathway forward for our most vulnerable community members, offering the opportunity to relocate and rebuild with meaningful compensation.”

Optional Property Inspections

Although an inspection is not required to participate, homeowners can request one if they wish. Residents have until Monday, November 4, at 5:30 p.m. to request an inspection, which may help prioritize their application. Homes tagged as “red” or “yellow” due to structural damage may be given priority for the buyout.

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“The inspection will determine if a structure is red- or yellow-tagged, which moves it to the top of the prioritization list,” a program spokesperson clarified.

Compensation Details and Program Funding

Selected properties will be purchased by the city in a standard real estate transaction, with the city acting as the buyer. FEMA will cover 75% of eligible costs for the program, while homeowners are responsible for the remaining 25%, although some in-kind costs will be covered by the city.

Homeowners are not being forced to sell but can choose to participate if they feel it’s the best option for their circumstances. However, the city cautions that while they aim to provide fair compensation, the buyout may not fully cover all losses.

Next Steps for Interested Homeowners

Homeowners interested in the buyout program should complete their applications by November 8. Following the sale, properties acquired through the program will be converted into open spaces to prevent future risks in the landslide-prone areas.

For those considering this option, the buyout provides a path to relocate without bearing the constant risk of further land shifts and damage.