The Vermont Slauson Economic Development Corp. is offering rehabilitation loans to owners of rental property willing to take part in the Los Angeles City Housing Authority's "Section 8" housing-assistance payments program.
Landlords can borrow up to $100,000 at a 10% fixed interest rate. As part of the repayment requirements, a landlord must rent out 75% of the building's units to tenants eligible for the Section 8 program, in which the government pays part of the tenant's rent and the tenant pays the remainder.
Applications can be obtained from the organization's headquarters at 5918 S. Vermont Ave., Los Angeles 90044, or by calling Bene Glass at 213/753-2335. The deadline for applying for the loans has tentatively been set for next Sunday, although it may be extended.