THOUSAND OAKS : City Offers to Help Tenants Buy Units
In an effort to encourage renters to become homeowners, the Thousand Oaks City Council has authorized a $28,000 Ownership Assistance Program for the Las Casitas neighborhood.
The city will offer down-payment assistance and help low-income families secure loans to buy their apartments, two-bedroom units that sell for about $80,000.
The money will be used, in part, to pay a Pasadena-based consultant to implement the program.
Las Casitas homeowners, working with Mayor Judy Lazar and Councilwoman Elois Zeanah, have been trying for a year to spruce up their neighborhood, which has a reputation for being run-down and crime-ridden. But they have run into problems because about 70% of the residents rent, rather than own, apartments in the tract, homeowner Lori Rai said.
“If you don’t have a vested interest in something, you don’t take care of it, and that’s (an attitude) we fight constantly here,” Rai said. “I hope this program will stimulate first-time buyers. Then you hope there will be a pride in ownership and, with pride, comes a better community.”
The city’s consultant, California Financial Express Mortgage Inc., plans to have the program rolling soon.
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