Law Offers Aid to Home Buyers
First-time home buyers in Gardena who earn as much as $70,000 annually will be eligible to receive loans from the city under a bill signed Tuesday by Gov. George Deukmejian.
The bill, introduced by state Sen. Ralph C. Dills (D-Gardena), allows the city to raise money by issuing revenue bonds that will be loaned to first-time home buyers to assist them with down payments.
Gardena officials say the new program will permit them to help middle-class residents who would otherwise have to hunt for houses in less-expensive communities.
Details of the new program have not been worked out, Gardena City Manager Ken Landau said Wednesday. But he said the city expects the loans to be available immediately after the Dills legislation takes effect Jan. 1.
Those interested in receiving information on the program should call Landau’s office at 217-9503.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
