Panel OKs Quake Home Safety Program

The Los Angeles Community Redevelopment Agency on Thursday approved a joint loan program with Wells Fargo Bank to enable homeowners to protect their houses from earthquake damage.

Pending approval from the City Council, the CRA will make available $15 million through Wells Fargo to fund the “Tie Down L.A.” Seismic Mitigation Loan Program, in addition to other CRA residential rehabilitation programs, officials announced.

Under the program, the CRA would provide low-interest loans up to $10,000 for single-family homeowners in Los Angeles. The loans would allow residents to protect their homes during earthquakes by bolting houses to foundations, strapping water heaters and bracing interior and exterior walls, in addition to other work, officials said.

The loans would be payable over five to 10 years, depending on the amount, said Bill Jones, director of rehabilitation for the CRA.

“Building and safety officials have estimated the loans will be about $3,000 to $5,000” per house, Jones said. About 100,000 houses across Los Angeles could benefit from seismic upgrades, he said.

Most of those houses were built in the 1930s and ‘40s, Jones added.

The program was developed by the CRA and the city’s Building and Safety Department, which would issue construction permits and perform inspections during the mitigation work.

The City Council is expected to vote on funding for the new program early next month, CRA officials said.