La Palma : 3% Home-Improvement Loans Made Available
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Home improvement loans at 3% interest are available to low-income La Palma residents through a county-funded housing rehabilitation program.
The program has been designed to assist low-income families in home maintainance and safety repairs. To be eligible for the loans, the home must be an owner-occupied dwelling in La Palma and the applicant’s income may not exceed federal requirements on low-interest home loans.
“The loans are made relative to the size of the family,” said Paul Zierer, county human relations specialist. “For example, for one person, the income cannot exceed $18,900 a year. For a four-person household, the income cannot exceed $27,000.”
For individuals with incomes from $11,800 to $16,900, the program offers a deferred payment loan that, in effect, places a lien on the property and eliminates all loan payments until the house is sold.
Loans are usually made for home-safety work, such as fixing leaking roofs and repairing other structural damage.
For more information, call the County’s Housing and Community Development Division at 834-5200.
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