BUENA PARK : Bargain Home Loans Still Up for Grabs
City officials were baffled this week when only six people applied for the cut-rate home loans offered to help low- and moderate-income families purchase homes.
“I was shocked,” said Claire Chacon, the city’s home improvement coordinator. “We were practically giving away $30,000.”
More than 100 applications had been distributed since the First Time Homebuyers program was approved by the City Council in February. Many people had indicated that they would camp out overnight to be first in line when applications were accepted on Monday, Chacon said.
The city had even made provisions for the anticipated hordes of people by moving the drop-off destination to the recreation center, which would be able to accommodate more people, she said. However, when they opened the doors at 8:30 a.m. Monday, only about seven people were there.
Chacon blames the low response on high home prices and the dwindling number of houses available.
The City Council set aside $400,000 for the loans to assist low- and moderate-income families as well as those displaced by redevelopment projects.
Because of the low turnout, the deadline to accept applications has been extended indefinitely until all the $400,000 fund runs out, Chacon said.
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