Quake Repair Loans for Condos Offered
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In the latest effort to rebuild the city’s quake-damaged housing, the Los Angeles City Council voted Tuesday to create a loan program to help condominium owners and associations rebuild units and common areas.
The loan program will provide zero-interest loans from a $318-million pool of federal and local housing repair funds. City officials expect the program will provide loans to the owners of up to 5,000 units.
The loans will only be offered to individual condo owners and associations that have already been rejected by other private or government loan programs, including the Small Business Administration.
Associations interested in a loan to repair damage in common areas must get a majority of the members to agree to take on the loan with each paying a prorated share of the monthly payments. Individual owners can apply for separate loans without a vote of the entire association.
The funds must be paid off over a 30-year period with the first payment deferred for five years. The loan program will provide a maximum of $35,000 per unit.
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