SIMI VALLEY : Program for Home Buyers to Be Studied
Offering lower interest rates and easier terms, the city of Simi Valley hopes that a revised first-time home buyers program to be considered by the City Council at its Monday meeting will attract more customers.
Local residents lost interest in buying a home through the city’s program because the economy faltered and the city could not offer a competitive interest rate, said Dulce Conde-Serra, deputy director of the city’s housing program.
Conde-Serra said just three people entered the program since 1992, whereas more than 60 received loans from the city from 1989 to 1992.
If approved, the program will have a $160,000 loan limit for median-income families, defined as a family of four earning $55,000 a year, and a limit of $120,000 for low-income families, defined as a family of four earning $39,000 a year.
The city will market the loans through a local bank, Conde-Serra said, although it has not been chosen yet.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
