Council OKs Loans to Retrofit Older Homes

The Los Angeles City Council approved a loan program Tuesday to help owners of older residences retrofit their homes to prevent damage in future earthquakes.

The Anchor L.A. program will provide loans of $5,000 to $10,000 through the L.A. Housing Department to help residents retrofit their properties.

Tim McCormick, director of the program, said the loans are available citywide through the Bank of America, but will go primarily to homeowners in the Mid-City area.

“We probably won’t have as many people in the Valley because those homes were built later and are less likely to have problems with the foundation, though they have a whole other set of problems,” he said.

Homes built before 1939, of which there are approximately 187,000 citywide, are more susceptible to foundation damage than more modern homes, he said.

The council also established a fund of $100,000 to provide grants to help low-income homeowners repay as much as 20% of the retrofitting loans, city officials said.

McCormick said the loans may be used to bolt down the house, brace a water heater, add a gas shut-off valve and replace or brace a chimney.

Most of the improvements are voluntary, but city officials at some point may make them mandatory for all homes when they are sold, he said.

The Department of Building and Safety also will provide homeowners with ready-made plans, so residents will be able to discuss work to be done with contractors.

The agency will work to educate participating homeowners about how to avoid hiring fraudulent contractors and will provide a list of qualified contractors to conduct the seismic retrofitting work.