Apartment building owners who are struggling to pay off earthquake repair bills will get help from a $23-million bond measure approved Friday by the Los Angeles City Council.
The bond measure will provide no-interest to 7% interest mortgage loans for apartment owners who have already accepted city loans to make earthquake repairs and other improvements.
Of the 11 buildings that have been chosen for the mortgage funding, only one was not damaged by the earthquake. The buildings were chosen for funding by city housing officials.
Gary Squier, general manager of the city’s Housing Department, said the low interest rates on the mortgage loans will make it easier for the building owners to pay off their earthquake loans.
According to a city report, the rates are based on how many units the building owners set aside for low-income residents. Buildings that have at least 20% of the units set aside for low-income tenants will get no-interest mortgage loans.