Monterey Park : Loans Offered to Landlords

Qualified owners of rental properties can apply for no-interest, deferred-payment loans to upgrade their units under the city’s Rental Rehabilitation Program.

Congress has eliminated the rehabilitation program, but the city still has $70,000 in federal funds available to help property owners who rent at least 51% of their units to low-income residents. Under the program, the city will provide a loan for 50% of the cost of improvements.

The funds must be used for such improvements as painting, landscaping, roofing, plumbing, electrical work and window screening. Ten percent of the loan must be paid off each year of the 10-year program.

For information, call the city Economic Development Department at (818) 307-1385.