SIMI VALLEY : Loans Offered for Housing Repairs

Simi Valley will offer low-interest and interest-free loans to low- and moderate-income homeowners for needed housing repairs.

The city is taking applications for loans to make home repairs or improvements that better the health and safety of a house. Eligible repairs include room additions necessary to ease crowding, painting, fencing, roofing and electrical work.

In one loan program, the city is offering low-income homeowners interest-free loans of up to $15,000, which homeowners do not have to repay until they sell their homes, said Brooke Hart, the city’s home rehabilitation coordinator.

The city is also offering a low-interest loan to moderate-income families. These loans can be as much as $20,000, repaid over 15 years at 4.5% interest.

To qualify for the program, homeowners must live in Simi Valley and meet certain income requirements, Hart said. Income requirements vary depending upon a household’s size.

For instance, a family of four may qualify for an interest-free loan if its annual income is below $24,200. A four-member family may be eligible for a low-interest loan if its income is less than $48,400.

More than 200 Simi Valley homeowners have taken advantage of these loans in recent years, Hart said. Each year, the city considers applications on a first-come, first-served basis.

The program is financed by $74,500 from the U. S. Department of Housing and Urban Development’s Community Block Grant program and $360,000 from the city’s Community Development Agency.