Plan Would Speed Home-Repair Loans
Homeowners who experience damage to their residence that’s dangerous often have to wade through a bureaucracy that takes up to three months for a loan to begin repairs.
So Simi Valley officials have suggested changing the law to give the city manager the power to approve emergency homeowner repair loans. City Council members will talk about the proposal at their meeting tonight.
Under the proposal, homeowners would be eligible for an immediate loan up to $7,500 if something were wrong with their house that posed a safety hazard, such as exposed wiring, said Dulce Conde-Sierra, a deputy director of housing and special projects for the city. The low-interest loans could be paid back over 15 years at 3% interest.
“This just allows us to go in and take care of it if it’s an immediate danger, without having to go through the whole process,” Conde-Sierra said.
The council is scheduled to meet at 6:30 p.m. at City Hall, 2929 Tapo Canyon Road.
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