$2 Million OKd for Housing Program
The Los Angeles City Council unanimously approved $2 million Tuesday for a home ownership program that targets a Lincoln Heights development.
Officials said the loan program was created to increase the buying power for low-income families and improve the economic development of the area.
The city program will subsidize up to $50,000 to provide deferred second mortgage loans at City View Terrace, a townhome-style development at the 3700 block of Baldwin Street.
A portion of the program loans may also be applied toward the down payment and closing costs, said Kory Smith, a finance officer of the Los Angeles Housing Department.
Funds for the program will be provided to the city by the federal government as part of the Home Investment Partnerships Program.
“There’s not a high mobility in second-generation families wanting to buy homes,” said Councilman Mike Hernandez, whose district includes the development. “A lot of them are living with their first-generation families because their income is not at the level that allows them to purchase homes. This program allows them to seek affordable housing.”
Eligible buyers must have an annual income of not more than 80% over the area median, which is $46,900 for a family of four in Los Angeles.
The 49 completed units range in price from $122,000 to $183,500. Information: (800) 881-8788.
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