Northeast Valley : City OKs Home Loans for Quake Victims
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Northeast Valley homeowners who are still dealing with quake-damaged houses can qualify for loans of as much as $10,000 to rehabilitate their property, under a program approved Wednesday by the City Council.
Under the program, to be administered by the city’s Community Redevelopment Agency, owners of single-family houses will be eligible for the loans and will have as long as 10 years to repay. Interest rates range from zero to 5% depending on the borrower’s income.
Only $250,000 has been allocated for the loan program until the end of the year. At that time, the CRA and the City Council will review the program’s success to decide whether to allocate more funds.
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