Pasadena : Home Improvement Loans
Low-interest home improvement loans of up to $20,000 will be available to low-income homeowners under a program approved by the City Council on Tuesday.
Under the Home Improvement Loan Program, Pasadena will receive $300,000 in state money to issue 15-year loans for the next three years at rates of 3%, 6% and 8.5%.
The city will pay $65,625 to participate in the program. Money for the loans will come through the sale of bonds to be paid back by the homeowners who receive the loans.
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