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, said Paul Farr, the city’s redevelopment associate.
Buyers will be expected to come up with at least a 10% down payment.
The city’s loan program is part of an ongoing effort to provide special loans to first-time residential buyers.
In 1984, the city issued $75 million in bonds to cover about 400 loans.
If the council decides to issue the bonds, the loans should be available within a few months, Farr said. To qualify for the loans, buyers must have annual incomes lower than $51,200, he said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
