State to Offer Low-Interest Loans for Repairing Quake-Damaged Homes
- Share via
SACRAMENTO — Residents whose homes were damaged in last October’s earthquake will be able to get low-interest state loans within the next two weeks, the Department of Housing and Development announced Thursday.
A total of $3.5 million for emergency loans will be distributed among 18 Los Angeles and Orange County communities, with Whittier, the city hardest-hit, slated to receive $525,000 for its homeowner loan program.
The funds will be used to subsidize deferred-payment loans at 3% annual interest, with a loan maximum of $20,000 per homeowner. Both the loan and its interest are payable at the end of the loan period. If an individual needs more than the maximum amount for a loan, he can apply for a special waiver that must be approved by the department.
The loans are part of a $91-million aid package signed by Gov. George Deukmejian. The package included grants for homeowners, renters and businesses, as well as a separate loan program for rental units with low-income tenants.
Questions about the loans will be answered by the Department of Housing and Development, toll-free, at 1-800-356-1811.
More From the Los Angeles Times
Podcasts
The latest effort is coming from the L.A. County Board of Supervisors. They just announced a $3 million program in conjunction with some nonprofits groups to test and clean the soil at homes still standing in the areas impacted by the Eaton Fire.
The Hillside Strangler murders terrorized Los Angeles in the late 1970s. The killers were a pair of sadistic cousins. One confessed. The other was set to stand trial—until L.A. prosecutors flinched.
Hosts Fidel Martínez and Suzy Exposito sit down with Dr. Vanessa J. Díaz, professor of Chicano and Latino Studies at Loyola Marymount University and co-author of P FKN R: How Bad Bunny Became the Global Voice of Puerto Rican Resistance.
