HOMEOWNERS can get a piece of a $42 million pot – they only have to leave their houses behind for good.
City officials in southern California announced the new voluntary buyout program on Monday.
FEMA installed the $42 million program (stock image)[/caption]
Property owners affected by the Rancho Palos Verdes landslide can partake in the program.
The money will come from the Federal Emergency Management Agency and the California Governor’s Office of Emergency Services.
Residents are eligible if they were impacted by shifting land underneath and around their homes in the landslides.
Hundreds of homeowners in the city, which is south of Los Angeles, have been impacted by landslides damaging their properties, buckled roads, and utility shutoffs over the past two years.
The new efforts aim to help homeowners relocate to safer areas.
A news release by the city said eligible residents can apply to receive a “fair market value for their properties based on pre-disaster appraisals.”
“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,” Rancho Palos Verdes Mayor John Cruikshank said in a statement.
“This buyout program provides a viable pathway forward for our most vulnerable community members, offering the opportunity to relocate and rebuild with meaningful compensation.
FEMA came up with funding for the program as part of their disaster relief from winter storms.
Properties bought by the city through this program will be converted to open spaces, aimed to protect the community from future risks by redeveloping in the vulnerable areas.
Owners interested in applying for the program have to request a property inspection from the city by Monday, November 4.
They’ll then submit a completed program application by November 8.
Properties selected for buyouts will be prioritized based on factors like safety concerns, structural conditions, and the status of their utilities.
If a home is selected, the city will buy the property for a price determined by an appraisal based on the fair market value of the land on December 1, 2022.
How can I claim part of the pot?
CALIFORNIA property owners affected by landslides can apply to get their piece of the $42 million pot.
Residents interested in applying for the buyout program have to request a voluntary property inspection by 5:30 pm on Monday, November 4.
You can request an inspection from the city by emailing buildingsafety@rpvca.gov.
Applications to the program are due by 4:30 pm on Friday, November 8.
You can email the application to landmovement@rpvca.gov or by turning it into City Hall.
The date was chosen because it was before the landslide accelerated.
The program described the buyouts as a “typical real estate transaction between a seller and buyer,” where the city is the buyer.
“The Program is funded by FEMA who will pay 75% of all eligible expenses,” the news release said.
“For this Program, the remaining cost share of 25% must be borne by the seller (property owner) except for certain in-kind costs borne by the City.”
The program is entirely voluntary, meaning the city isn’t forcing homeowners to give up their properties.
“Despite efforts to compensate you fairly, property acquisition may not make you ‘whole’ again, but it is often the best option for people who do not want to accept a certain level of risk in their day-to-day life and are at imminent risk of losing their home,” the release said.
The U.S. Sun has reached out to city officials for comment.
