THOUSAND OAKS : Low-Interest Home Loans Offered by City

Thousand Oaks families earning up to $57,900 a year can take advantage of an expanded Ownership Assistance Program to purchase condominiums and townhomes with the help of low interest city loans.

In Newbury Park’s Las Casitas neighborhood, where two-bedroom condominiums sell for $60,000 to $80,000 apiece, the city will offer loans totaling up to 10% of the home’s value. Low- and moderate-income families can purchase the condos with no down payment, if they qualify for federally insured mortgages.

Already, six families have purchased condos in Las Casitas with the city’s help.

In The Groves complex off Hampshire Road, low-income families earning up to $46,320 a year can get the same deal: city loans and no down payment. Moderate-income buyers must be able to make a 3% cash down payment on the townhomes, which sell for $128,000 to $165,000.

All the city’s ownership assistance loans are available only to first-time home buyers.

For the next 15 weeks, the program will be restricted to people who live or work in Thousand Oaks, or who have close relatives in the city. After Jan. 1, the city will open its loans to any qualified family.