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The Los Angeles Community Redevelopment Agency is making interest-free down payment loans available to prospective home buyers in the eastern San Fernando Valley who qualify for a mortgage loan but need help with up-front money, city leaders announced today.
The $2 million East Valley Region Homeownership Opportunity Program is intended to help first-time home buyers purchase property and revitalize neighborhoods that have fallen into disrepair.
"The intention is first-time home buyers, but remember the primary purpose of the Community Redevelopment Agency is to reduce and eliminate blight. So the primary purpose of this program is to eliminate the possibility that neighborhoods that have one, two and sometimes in one block you will see three vacant houses with foreclosure notices on them, that we can actually impact the blight that has been impacted on those who are remaining," said Councilman Richard Alarcon.
Qualifying families who purchase homes in the 6th and 7th council districts, which include Pacoima, Sylmar, Van Nuys and Panorama City, can receive up to $75,000 for a down payment.
<a href="http://www.nbclosangeles.com/news/local/Interest-Free-Loans-Available-to-Prospective-Home-Buyers.html">link to rest of article on NBC</a>
The $2 million East Valley Region Homeownership Opportunity Program is intended to help first-time home buyers purchase property and revitalize neighborhoods that have fallen into disrepair.
"The intention is first-time home buyers, but remember the primary purpose of the Community Redevelopment Agency is to reduce and eliminate blight. So the primary purpose of this program is to eliminate the possibility that neighborhoods that have one, two and sometimes in one block you will see three vacant houses with foreclosure notices on them, that we can actually impact the blight that has been impacted on those who are remaining," said Councilman Richard Alarcon.
Qualifying families who purchase homes in the 6th and 7th council districts, which include Pacoima, Sylmar, Van Nuys and Panorama City, can receive up to $75,000 for a down payment.
<a href="http://www.nbclosangeles.com/news/local/Interest-Free-Loans-Available-to-Prospective-Home-Buyers.html">link to rest of article on NBC</a>