Homeowners Group to Repay City for ’94 Earthquake Loan
A homeowners association will repay a $1.2-million loan to the city next week for damage done during the 1994 earthquake, officials said Tuesday.
The Park Northridge Homeowners Assn. will present the check to Los Angeles City Councilman Hal Bernson, most likely at the council’s next meeting Tuesday. The interest-free loan was provided by the city’s Housing Department as part of its earthquake recovery program.
The money was used to rebuild 40 of the homes that were destroyed. The loan was given to the association in late 1994 until homeowners received payouts from their insurance coverage.
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