$42M Buyout Program Offered To Residents Impacted By Landslides

RANCHO PALOS VERDES, CA — City, State and Federal officials are offering to buy the homes of Rancho Palos Verdes residents living in the Greater Portuguese Bend landslide area.

On Monday, 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.

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.

"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. "On behalf of the entire City, I express my deep appreciation to FEMA and Cal OES for working with the City to establish this program. We understand the complexity and emotional weight of this for our residents and are committed to making the process as transparent and compassionate as possible.”

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.

Since dewatering efforts began this summer, the city says it has seen promising signs that the land movement is slowing.

"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," Cruikshank said.

Residents were informed about the voluntary buyout program during a 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.

Property owners interested in applying for the program must request a property inspection from the city by Nov. 4 at 5:30 p.m. Residents must then submit a completed program application by Nov. 8 at 4:30 p.m.

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.