EL SERENO : Townhomes Open With Financing Deal

Families will soon begin moving into Hilltop Colony, a new townhome and condominium development that offers special financing for first-time home buyers with the help of the city’s Housing Department.

The $18-million development of 153 homes, most of which have two- and three-bedroom plans, sits on a five-acre hill at 4750 E. Templeton St. It was built by Aviz Realty and Development Corp. of the San Fernando Valley.

The development is one of several in the city in which the Los Angeles Housing Department works out special financing to encourage home ownership, said Linda Buckspan, finance officer with the department’s First-Time Homebuyer Program. “We helped to buy the land and make available mortgage money to the home buyers,” she said.

Buyers can qualify for what Buckspan calls “secondary financing assistance,” which can be as much as $50,000 of the price of a new home. For instance, if a home is $150,000, the city will finance up to $50,000 and the home buyer need only qualify for a $100,000 mortgage. The city’s incentive package offers 7.3% fixed-rate financing, which will remain the same after the home is resold.

The 719- to 1,600-square-foot homes range in price from $99,000 to $156,900.

The developer originally wanted to build rental units but agreed to build homes for purchase at the request of residents, Buckspan said. Not only were El Sereno residents looking for a more stable population, they wanted the opportunities for home ownership for family members.

About 10 units have been sold, and some potential buyers have reserved yet-to-be-built units that will have views of the Downtown skyline and over El Sereno, she said.

Information: (213) 847-7631.