REAL ESTATE
From Times Staff and Wire Reports
First Interstate, Fannie Mae Offer Low-Cost Housing Loans: The state’s third-largest bank and the nation’s largest mortgage lender announced a program to offer $10 million in affordable loans to residents of less-affluent areas. The funding enables a family earning less than $51,600 a year, for example, to buy a $100,000 home with a minimal down payment. The funding is available to residents of Bell, Bell Gardens, Commerce, Cudahy, East Los Angeles, Florence-Firestone, Huntington Park, Maywood, South Gate, Vernon and the Los Angeles communities of Boyle Heights, Chinatown, Little Tokyo, Pico-Union and Walnut Park.
