Last Day To Apply For Voluntary Buyout Program In Palos Verdes

Community Corner

Last Day To Apply For Voluntary Buyout Program In Palos Verdes Friday is the last day for residents impacted by landslides in Rancho Palos Verdes to apply for the Voluntary Property Buyout Program.

— Residents impacted by the ongoing landslides in Rancho Palos Verdes have until 4:30 p.m. on Friday to apply for the Voluntary Property Buyout Program.

On Oct. 28. Rancho Palos Verdes, the Federal Emergency Management Agency and the Governor's Office of Emergency Services announced a $42 million voluntary buyout program to help eligible homeowners relocate.

As of Nov. 6, the city has received 57 applications from residents and the Building and Safety Division has conducted dozens of home inspections as part of the application process.

"This buyout program provides a viable pathway forward for our most vulnerable community members, offering the opportunity to relocate and rebuild with meaningful compensation," said Rancho Palos Verdes Mayor John Cruikshank.

Through the buyout program, residents will be offered a fair market value for their properties based on pre-disaster appraisals. Properties acquired by the city through this program will be permanently converted to open space and deed-restricted to protect the community from future risks in the area.

Since 2023, land movement has accelerated at unprecedented speeds and has caused enormous problems as utilities services were cut off and residents were evacuated. Heavy rainstorms during the last two winter seasons exacerbated the area's problems and caused damage to homes and roads.

Residents were informed about the voluntary buyout program during a special town hall meeting on Monday with FEMA and Cal OES representatives in attendance. Funding for the program was made available due to the federally declared disaster for the winter storms between Jan. 31 and Feb. 9, 2024.

Properties will be prioritized based on factors such as safety concerns, structural condition and utility statuses. If selected, the city will purchase the property for a price determined by an appraisal based on the property's value in Decmeber 2022.

The FEMA grant will pay for 75 percent of the sale and property owners will contribute the remaining 25 percent through a reduction of the fair market value. At closing, the property will be deed-restricted as open space and cannot be sold to private individuals or developers.