Simi Valley Offers Quake Loans at Low Interest
Needy residents in Simi Valley interested in fixing up their homes or repairing earthquake damage may qualify for low-interest loans through the city.
Government-subsidized loans of up to $20,000 are available to low- and moderate-income homeowners in Simi Valley. Loans are also available to owners of mobile homes.
The city will offer loans of up to $15,000 at 3% interest, with the interest deferred until the home is sold, and amortized low-interest loans of up to $20,000, which would be payable over 15 years at an interest rate 6 percentage points below prevailing market rates, but not to drop below 4%.
The loans may be used to repair earthquake damage, but they are also available for making basic home repairs, such as putting on a new roof, and adding new paint, plumbing, or a new driveway.
Funding for the loans is provided in part by a federal community Development Block Grant program and the local Community Development Agency.
For more information, call the city’s Home Rehabilitation Program at 583-6757.
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