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Local News in Brief : Plan Would Help Low-Income Renters

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Apartment house owners and builders have launched a pilot program to lend money for security deposits to low-income renters.

Under the program, owner and builder organizations are to put up $45,000 for a revolving fund to guarantee the security deposits. After a deposit has been guaranteed, the renter is to pay it off in up to 18 months.

The program was presented at a City Hall press conference by Los Angeles City Councilman John Ferraro. Participants include Housing Network-LA, the San Fernando Valley Apartment Assn., the San Fernando Valley Board of Realtors, the Los Angeles Board of Realtors and the Los Angeles Housing Council.

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The Housing Council, made up of owners of large apartment houses, put up $25,000 and promises to raise an additional $10,000. Homestead Group, an apartment builder, pledged $10,000.

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