BUENA PARK : Date for Home Loan Applications Is Set

Applications for the First Time Home Buyers Program, a project designed to help low- and moderate-income people purchase a home, will be accepted on April 16, city officials have announced.

Residents or people who work in the city are eligible for the program, which offers loans of up to $30,000 to families who meet income requirements. Repayment will be deferred for the first five years, after which the borrowers will have 15 years to pay back the loan at an interest rate of 5%.

Prospective home buyers must have entered into a sales agreement or escrow proceedings by the time their loan application is submitted, said Claire Chacon, redevelopment housing coordinator. They must also present signed income tax returns covering the last three years, she said.

Applications will be accepted on a first-come, first-served basis, and people will be notified within a week about their status, Chacon said. The city has set aside $400,000 for the program. About $100,000 is earmarked for people affected by redevelopment projects.