The Los Angeles City Council on Wednesday voted to make a $312,000 loan to help finance eight Pacoima townhouses to be owned by poor families willing to help build the residences.
The recipient of the loan is the San Fernando Valley chapter of Habitat for Humanity, a nonprofit international group whose most famous volunteer is former President Jimmy Carter.
The Community Redevelopment Agency loan, approved without debate, will help finance the first project in the city for the group and will cost a total of $1.4 million. The project is located at 10906 Laurel Canyon Blvd.
Families selected to buy the Pacoima units will be required to put 500 hours of "sweat equity" into the project, including 150 hours of labor on another family's unit. The work by the future owners plus labor and materials to be donated will allow the units to be sold for $50,000 for a two-bedroom unit and for $62,500 for a four-bedroom unit.