Local, state, and federal officials announced on Oct. 28 a $42 million voluntary home buyout program for hundreds of Rancho Palos Verdes residents who are slowly losing their homes to a fast-moving landslide.
The voluntary buyout program for property owners in the Greater Portuguese Bend landslide area is meant to help homeowners relocate by offering them a percentage of fair market value for their properties based on predisaster appraisals of Dec. 1, 2022, the city reported on Monday.
The program will be funded by the Federal Emergency Management Agency’s (FEMA’s) Hazard Mitigation Grant Program, according to the city.
If a property is selected, the city will buy it for a price determined by an appraisal. The FEMA grant will pay for 75 percent of it, and the property owners will effectively contribute the remaining 25 percent through a reduction in the property’s value, the city announced….