East Valley : CRA Proposes Loans for Home Repairs

The Community Redevelopment Agency board has proposed the creation of a low-interest loan program to provide as much as $10,000 a unit to help northeast Valley homeowners repair minor earthquake damage.

The Residential Rehabilitation Loan Program would be available to low- and moderate-income owner-occupants or owners of one- to four-unit rental properties in parts of Council District 7, which includes Pacoima, Sunland, Sun Valley, Mission Hills, Lake View Terrace, Panorama City and parts of North Hollywood.

Pending City Council approval, the program would provide loans of as much as $10,000 per unit, or $40,000 per project, to repair cracks and minor structural damage. Another $5,000 a unit would be available to address code deficiencies.

Funds could be used to patch and repair stucco, paint, install wall coverings and upgrade electrical and plumbing systems. Money could also be used to bolt structures to their foundations.

Loans would be available at 3% and 5% or no interest, depending on income. They would be available through the CRA’s earthquake disaster assistance assistance project. For information, call the CRA at (213) 977-1813.