City OKs Loan Plan for New Seismic Work
In a partnership with a private bank, the Los Angeles City Council Wednesday approved a $15-million loan program that could help as many as 100,000 residents pay for seismic retrofitting work.
The program will team Wells Fargo Bank and the city’s Community Redevelopment Agency to fund and operate the “Tie Down L.A.” program.
Wells Fargo will provide the $15 million, and the Community Redevelopment Agency will use it to provide loans of as much as $10,000 per family to bolt down homes to foundations, strap down water heaters and chimneys, and brace interior and exterior walls, among other work.
CRA Administrator John Molloy said the loans would be provided with an interest rate of about 7%, with payments spread over a five- or 10-year period, depending on the amount.
For applications and more information, call (213) 977-1813.
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