Homeowners offered part of $42m pot to leave houses for good in new buyout program – see if you qualify for fresh start

According to The Sun, Homeowners in Rancho Palos Verdes, California, have a new option to leave landslide-impacted properties, thanks to a recently announced voluntary buyout program. City officials introduced the initiative on Monday, with funding support from the Federal Emergency Management Agency (FEMA) and the California Governor’s Office of Emergency Services.

Who Qualifies for the Program?

Property owners who have experienced damage or land shifts around their homes due to recent landslides are eligible to apply. Hundreds of homeowners in Rancho Palos Verdes, a city just south of Los Angeles, have endured landslides that have damaged homes, caused road collapses, and led to utility shutoffs over the past two years.

“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 Mayor John Cruikshank in a press release.

How the Buyout Program Works

Residents who qualify can apply to receive a “fair market value” payment for their properties based on appraisals conducted before the disaster. The program, which FEMA funds in part as part of its relief effort from recent winter storms, intends to help property owners relocate safely while converting purchased properties into open spaces to mitigate future risks.

Also read: RECALL UPDATE: Salsa Recall Issued as Products Might Contain Glass

Voluntary Inspections and Application Deadlines

Although not required, homeowners can request a property inspection by Monday, November 4, which will aid in prioritizing buyouts based on safety conditions, structural issues, and utility status. Applications for the buyout must be completed and submitted by November 8. Properties determined to be at greater immediate risk will be given higher priority for buyouts.

The buyout process functions like a typical real estate transaction, with the city purchasing the selected properties. However, FEMA will cover 75% of the eligible expenses, while property owners are responsible for the remaining 25%, though some costs may be covered by the city.

Final Considerations for Homeowners

The program remains voluntary, and the city emphasized that it will not force anyone to sell. The program’s release noted, “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 and are at imminent risk of losing their home.”