SAN FERNANDO : Agency May Aid New Home Buyers

San Fernando’s Community Redevelopment Agency is considering establishing a first-time home buyer assistance program for two new, single-family houses on Macneil Street, officials said.

A Woodland Hills developer requested the assistance to speed the sale of two vacant units in a new, six-unit development on the street, officials said. Four units already are sold.

“What we’re really trying to do is ease the burden of owning your own home,” said Bob Kishita, associate planner with the city. “Homebuyers have basically two problems: coming up with the down payment money and dealing with high interest rates. This helps ease the down payment.”

If approved by the agency, the assistance probably would come in the form of a $10,000 loan from the agency to the buyer, with payments deferred 15 years, Kishita said. The loan would be applied to the down payment.

Under the program, the developer would be required to contribute $2,500 toward the loan amount. The two units currently are priced at $163,900 each, officials said.