BUENA PARK : $400,000 Added to Home-Buyer Fund
To help fuel the city’s program for first-time home buyers, the City Council recently agreed to give it an additional $400,000.
Since last February, about a dozen families have received low-cost loans through the city-run program, officials said. Because of its success, almost all of the original $400,000 allocation has been used.
“It has been extremely successful,” said Redevelopment Housing Coordinator Claire Chacon-Hake. “We approved two loans just today.”
The council agreed to give the program $400,000 from a special fund set up with redevelopment money. About $800,000 remains to be distributed.
The money is used to provide low-and moderate-income families with cut-rate loans. The money helps home buyers make their down payment, often a major stumbling block.
The loans carry an interest rate of 5%, and repayment is deferred for five years. Real estate agents and local banks both have expressed support for the program, Chacon-Hake said.
During the past eight months, more than 20 people have applied for assistance. Only $22,000 remains from the original allocation.
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