South Gate : More Quake Loans Offered
Property owners who did not qualify or receive sufficient federal funds to cover damage done by the October earthquakes can get additional state loans through the city.
State Earthquake Rehabilitation Assistance (SERA) funding is available to rehabilitate owner-occupied and rental residential properties.
This program is considered last-resort funding, said Nancy Nitta, city Housing Authority deputy, so property owners must have applied first for Federal Emergency Management Agency and National Disaster funds.
The SERA funds are loaned at 3% interest. The maximum funding is $20,000 per single-family home and $10,000 per rental unit, with a maximum of $200,000 for the entire property.
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