County Assistance for Home Buyers

Yes, home prices in Southern California are daunting, especially for first-time home buyers with modest incomes (‘Holes in Housing Policy,” editorial, Sept. 7). However, affordable housing is a high priority for Los Angeles County. The county Community Development Commission channels hundreds of thousands of dollars each year into new housing, home ownership subsidies and housing rehabilitation for very low- to moderate-income families. Between 1994 and August 1998, the CDC provided about $38 million in subsidies to develop nearly 1,000 new apartment units, multi- and single-family homes and senior housing.

During that same time, the CDC provided nearly $600 million in tax-exempt, below-market mortgage revenue bonds for first-time home buyers. In addition, the CDC assisted 781 low-income, first-time home buyers in purchasing a home with approximately $14 million in loans at 0% interest. Through the home ownership program, no repayments are required until the home is sold, transferred or refinanced. If the home buyers reside in the property as their principal place of residence for 20 years, then the loan is forgiven. The county also takes a lead role in special events, like the Home Buyer Auction Extravaganza last June, in which 162 homes were sold at very low cost (a three-bedroom house in Carson, for instance, sold for $68,000) to first-time, low-income home buyers.

CARLOS JACKSON

Executive Director

CDC, L.A. County