San Fernando Valley : Apartments Are First to Reopen Under Quake Rebuilding Program
A formerly red-tagged apartment building in Canoga Park was officially reopened Thursday as the first rehabilitation project completed under the city’s Loans to Lenders program.
City officials and residents gathered at the 16-unit complex in the 21600 block of Saticoy Street to celebrate.
Loans to Lenders was established by the Los Angeles City Council after the Northridge earthquake, using $25 million in tax-exempt bonds. The program is designed to encourage financial institutions--which foreclosed on many apartment buildings after the quake--to improve their properties so that they can be resold. The new owners, city officials said, benefit from lower mortgage interest rates because of the tax-exempt bonds.
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