Homeowners in Rnacho Palos Verdes make buyout offer after mudslide – NBC Los Angeles

Homeowners in a neighborhood in Rancho Palos Verdes where shifting terrain has damaged homes and roads are being offered a voluntary buyout by the Federal Emergency Management Agency and the California Governor’s Office of Emergency Services.

The $42 million program was announced Monday. Rancho Palos Verdes City Council at a special town hall meeting in the Los Angeles County coastal community.

Homeowners in the Great Portuguese Bend landslide area People affected by displacement of land under and around their homes are eligible for a portion of the purchase. FEMA allocated funds to the program as part of its disaster declaration resulting from winter storms between January 31 and February 9.

Ancient landslides in the region have accelerated since 2023 following back-to-back heavy rain seasons. The shifting terrain damaged homes, bent roads and caused power outages for hundreds of residents.

“For the past two years, our residents have endured extraordinary hardships due to this landslide, some in danger of losing their homes entirely,” said Rancho Palos Verdes Mayor John Cruikshank. expression. “This buyout program provides a viable path forward by providing the opportunity to resettle and rebuild with meaningful compensation for our most vulnerable community members.

Regular home insurance policies do not cover damage caused by ground motion in California. Tracey Leong reports to NBC4 News on Wednesday, September 4, 2024 at 4 p.m.

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

About the Rancho Palos Verdes home buying program

The voluntary property purchase program was created to help residents move to safer areas by offering a fair market value for their property based on pre-disaster assessments. Through this program, properties acquired by the city will be permanently converted into open space and deed restricted, thus protecting the community from the risks of future redevelopment in these sensitive areas.

Property owners wishing to apply must request a property inspection from the city by 5:30 p.m. Monday and submit the application by Nov. 8. Properties will be prioritized for selection based on factors such as safety concerns, structural condition and use cases.

If selected for a grant within the scope of the program, the municipality will purchase the property for a price determined by an appraisal based on the current market value of the land on December 1, 2022, before the acceleration of the landslide.

The FEMA grant will cover 75 percent of the sale, and property owners will contribute the remaining 25 percent through a reduction in payment at fair market value, city officials said. Owners selected to purchase their property may withdraw at any time prior to the closing of the sale.

Upon closing, the property will be limited as open space by deed and the municipality will not be able to sell or develop it to private parties.

Monday’s announcement represents the largest grant amount in Rancho Palos Verdes history and comes as the foothills community continues to see hopeful signs that the unprecedented land movement is slowing.