BUENA PARK : Home-Improvement Loans Offered
Homeowners in Buena Park will now have a chance to make improvements to single-family homes with the assistance of low-interest loans available through the city.
Just over 100 of the one-time-only loans for up to $20,000 each are available to qualified homeowners in the city on a first-come, first-served basis.
And up to $30,000 is available to those residents hoping to build room additions to relieve overcrowding in their homes.
Claire Chacon-Hake, redevelopment housing coordinator for the city, said the loans are primarily awarded for repairs made to bring residences up to health and safety code standards and city code standards.
Although the loans are more affordable than those offered through banks--with 3% interest and a five-year deferral--only applicants with good credit and a clear ability to repay the loans will be eligible, she said.
“The loans are based on regular, normal loaning procedures. You have to have good credit standing to qualify,” she said.
The loans are not just intended for low-income homeowners, but for everyone. A total of $250,000 is available.
The City Council approved the loan program Monday, with Council Members Donald L. Bone and Rhonda J. McCune absent.
Those interested in applying for a loan may contact Chacon-Hake at City Hall.
