Loans OKd to Repair Quake-Hit Apartments
The Los Angeles City Council approved two bond issues this week to give a combined $9 million in low-interest loans to investors to help buy and repair two quake-damaged apartment buildings in the Valley.
On Tuesday, the council authorized the issuance of $5.3 million in bonds to help the 106-unit Coralwood Court apartments in Reseda and $3.7 million in bonds on behalf of the 92-unit Orangewood Court apartments in Van Nuys.
The owners of the apartment buildings obtained short-term loans to buy the properties on the assumption that the city would come through with permanent loans.
The loans approved by the City Council on Tuesday will help the owners pay for the properties and repay previously received city quake-repair loans.