CRA Backs New Funds for Quake Repairs
The city’s Community Redevelopment Agency Thursday recommended awarding $4 million in loans and grants to rebuild two earthquake-damaged commercial buildings in Sherman Oaks.
If approved by the Los Angeles City Council, the deals will be the latest of 32 loans and grants, totaling $16 million, awarded by the agency under a federally funded assistance program for earthquake victims.
The agency’s board recommended awarding a $1.7-million loan and a $300,000 grant to Riverside-Woodman Partners to rebuild a two-story building at 13700 Riverside Drive that housed a Bank of America branch and a Ross clothing store.
The board also recommended awarding a $1.7-million loan and a $300,000 grant to Saeed and Afsar Matloob to rebuild a three-story office building at 14921 Ventura Blvd. that was red-tagged and demolished after the Northridge earthquake.
Both loans are offered interest-free and payable over a 25-year period, with payments deferred for the first five years.
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