Local News in Brief : San Fernando Raises Limit on Housing Rehabilitation Loans
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The rising cost of home repairs has led the San Fernando City Council to increase the ceiling for federally subsidized Housing Rehabilitation Program loans from $15,000 to $17,500.
The lower amount had been in effect since 1982, and Assistant Planner Robert Kishita said recently that he noticed that more projects were costing more money than the loans covered.
“What you have to do then is . . . look back and see if you can eliminate work items . . . or the person has to go out and seek additional financing,” Kishita said. “That is not always possible.”
The council, which unanimously agreed to the increase at its meeting Monday, also approved grants of up to $2,500 for repairs to the outside of buildings. All of the money comes from a federal Housing and Urban Development Department fund.
Both financial assistance programs are based on income level. As examples, Kishita said a family of four could qualify for a 3% loan if family members earned $19,150 or less and a 7% loan if they made $28,400.
In 1987, $100,000 in federal loans were issued in San Fernando, he said.
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