Low Rates Offered on Loans for Retrofitting
The Los Angeles Housing Department and Bank of America have jointly started a new below-market-rate loan program to help homeowners retrofit houses to prepare for the next big earthquake.
The program, “Tie-Down Los Angeles,” targets low- and moderate-income homeowners seeking to bolt down homes to foundations, install gas shut-off valves, strengthen chimneys or perform other alterations to improve earthquake safety.
Bank of America is offering $5,000 loans over five years, or up to $10,000 for 10 years. The city will use federal funds to write down interest rates on these loans. Mobile home owners may also apply.
Also, the Housing Department will offer 20% loan discounts to low- and moderate-income homeowners in certain neighborhoods targeted for upgrades.
The city recently passed new building codes for retrofitting single-family homes based on the lessons learned from the Northridge earthquake, in which thousands of homes were damaged. Tens of thousands of homes have yet to be retrofitted.
For information and loan applications, call the city Housing Department at (213) 847-7415.
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