The FEMA grant will pay for 75% of the sale and property owners will contribute the remaining 25% through a reduction of the fair market value payment, city officials said.
Rancho Palos Verdes homeowners in the Greater Portuguese Bend landslide area who have been plagued by shifting land underneath and around their homes are being offered part of a $42 million voluntary buyout Tuesday by the Federal Emergency Management Agency and the California Governor's Office of Emergency Services.
"Established with funding from FEMA's Hazard Mitigation Grant Program, the Voluntary Property Buyout Program is intended to help eligible homeowners relocate to safer areas by offering 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, protecting the community from future redevelopment risks in these vulnerable areas.
Ca Los Angeles County Rancho Palos Verdes News Environment
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