State to Offer Low-Interest Loans for Repairing Quake-Damaged Homes
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.
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