THOUSAND OAKS : Council to Consider Home Loan Bonds
The Thousand Oaks City Council will discuss Tuesday night whether to issue tax-exempt municipal bonds to provide low-interest loans to first-time home buyers.
Under the plan, buyers would be able to borrow up to $175,000 to purchase houses and condominiums in the city.
If the council approves the loans, Thousand Oaks would issue $31.5 million in tax-exempt municipal bonds to cover 200 loans at 3%-under-market interest rates.
To qualify for the loans, buyers must have annual incomes lower than $51,200, he said.