City Offering Loans to Fix Apartments
Local apartment owners who want to repair their properties but can’t qualify for a bank loan may be able to borrow as much as $75,000 from the city.
Borrowers must meet several requirements, among them: At least 51% of the tenants in the units that landlords will rehabilitate must earn low to moderate incomes; and apartment owners must agree to rent their units at the fair market rent, established by the U.S. Department of Housing and Urban Development, for 15 years.
The city is offering below-market interest rate loans to property owners who meet requirements.
Applications; (714) 738-6874.
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