Condo Complex Gets Quake-Repair Funds

A Granada Hills condominium complex received more than $1.6 million in loans and grants Wednesday from the city of Los Angeles to repair earthquake damage it sustained in the 1994 Northridge temblor.

The Kingsbury Court Owner’s Assn. will be getting about $35,000 per unit to renovate the 46-unit complex, which has been vacant since Jan. 17, 1994, city officials said.

The City Council approved the loan and grant agreement at its meeting Wednesday, providing funds to fix one of the last remaining quake-damaged buildings in the Granada Hills area.

Councilman Hal Bernson, who represents the area in which the Kingsbury Street complex stands, said the project marks a big step toward renewing the quake-damaged area.

“Considering it’s been not quite four years, we’ve come back quite strongly,” Bernson said, adding that the business community has a way to go before returning to pre-quake condition.

The agreement calls for a maximum grant of $241,500 and a maximum loan of $1,368,500 at 30 years with no interest, with repayments to begin four years after issuance. The funding, provided by the Los Angeles Housing Department’s Earthquake Emergency Loan Program, represents more than half of the total estimated cost of repairs, according to a housing department report.

Dan Falon, assistant general manager of the housing department, said the grant money is being provided to offset the additional costs of paying federally mandated wages to construction workers on publicly funded projects.

He said the department has given property owners more than $330 million in loans and grants for quake recovery.

“We want to bring back these properties both physically and financially so that they are productive aspects of the city,” Falon said. “We want to do what we can to restore Los Angeles.”