7 Communities Get Loan Funding
Seven California communities have received loan funds for housing rehabilitation under the state Deferred Payment Rehabilitation Loan Program, according to Susan DeSantis, director of Housing and Community Development.
She listed them as San Francisco, city and county, $100,000; the cities of Oakland, Sacramento, Berkeley and Menlo Park, $100,000 each, and Santa Barbara, $50,000, and the San Diego Housing Authority, $100,000.
The program commits funds to local government agencies or nonprofit corporations that make deferred-payment loans directly to low- and moderate-income households at 3% interest. The loans can be used to leverage funds from other sources. To date the program has resulted in the rehabilitation of 2,346 units.
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