BUENA PARK : City to Aid Repair of Lower-Income Units
The city has set aside $450,000 in redevelopment funds to help landlords upgrade their apartments in exchange for making the units available to lower-income renters.
The City Council recently approved the Rental Rehabilitation Program to compensate for federal housing programs that have been discontinued.
“There is still a need to help property rental owners,” said May Hui, assistant director of development services. “The city will assist them in rehabilitating their units, and in exchange for that, we want long-term affordability.”
The agency hopes to rehabilitate 18 to 25 apartment units with the funds, which come from property taxes and community development block grants, Hui said.
Landlords can apply for zero-interest loans of up to $20,000 per apartment. That loan will be forgiven after 30 years if the apartments remain affordable.
In Orange County, the median income is $58,800 for a family of four. That same family making $39,900 would be considered low income, according to the city’s redevelopment agency.
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.
