PACOIMA : Plan to Help Poor Buy Homes Backed
A Los Angeles City Council panel recommended Monday that a nonprofit group get a $312,000 loan to build eight townhouses in Pacoima that are to be owned by poor families willing to put 500 hours of their own “sweat equity” into building them.
The council’s Community Redevelopment and Housing Committee recommended approval of the loan. The full council must give final consent.
The loan is to be made by the city’s Community Redevelopment Agency to the San Fernando Valley chapter of Habitat for Humanity, an international group whose most famous volunteer has been former President Jimmy Carter.
The eight-unit project at 10906 Laurel Canyon Boulevard in Pacoima will be Habitat for Humanity’s first in Los Angeles and will cost a total of $1.4 million.
Habitat will require that families chosen to buy the Pacoima units put 500 hours of their own labor--or sweat equity--into the construction of their future homes, including 150 hours of work on a neighbor’s unit.
Prices of the townhouses are expected to range from $50,000 for a two-bedroom unit to $62,500 for a four-bedroom unit.
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