LA County will loan homeowners nearly $6M to avoid foreclosure

Funds will be pulled from affordable housing trust

TRD LOS ANGELES /
Sep.September 16, 2020 09:00 AM
Supervisors Janice Hahn and Hilda Solis
Supervisors Janice Hahn and Hilda Solis

Los Angeles County will spend $5.5 million to help struggling homeowners avoid foreclosures.

The Board of Supervisors voted to provide $4 million for deferred and forgivable loans, and $1.5 million to foreclosure prevention counselors to help homeowners negotiate loan terms with lenders, according to the Los Angeles Daily News.

The program is designed to target communities with high levels of foreclosures, according to the Daily News. Supervisors Hilda Solis and Janice Hahn co-authored the motion.

The money will be pulled from the county’s Affordable Housing Trust Fund, which is for affordable housing development.

Local, state, and even some federal moratoriums have spared homeowners from foreclosure since the beginning of the coronavirus pandemic. But lawmakers haven’t created a permanent solution to what could be a massive problem nationwide once those moratoriums expire.

Earlier this month, California state lawmakers passed a stopgap measure barring rental evictions and instituting some foreclosure protections for multifamily landlords through the end of January. Lawmakers plan to address the issue when they return to session early next year.

L.A. County launched a $100 million rental assistance program in August meant to help low-income renters and those who lost their jobs because of the pandemic. [LADN]Dennis Lynch


Related Articles

arrow_forward_ios
Nela Development CEO Marissa Solis and 6445 W. Sunset Boulevard, where the company wants to build a 175-key hotel.

Occupancy optimism: Developer plans 175-room Hollywood hotel

Occupancy optimism: Developer plans 175-room Hollywood hotel
About 3.5% of LA and Orange Counties homes were 90 days past due in June

In SoCal, “seriously delinquent” mortgages are on the rise

In SoCal, “seriously delinquent” mortgages are on the rise
LA Council wants results before releasing all $100M to house homeless

LA Council wants results before releasing all $100M to house homeless

LA Council wants results before releasing all $100M to house homeless
Gap sues mall REIT Haagen Company to void its lease at Village at Century. (Credit: iStock)

The Gap sues Inglewood mall owner, seeking to void lease

The Gap sues Inglewood mall owner, seeking to void lease
Homebuyers across Southern California continue to gobble up properties

SoCal homebuying surge bumps up against low inventory

SoCal homebuying surge bumps up against low inventory
Rosewood Miramar Beach, Beverly Hills Hotel

Well-heeled travelers spending months at ritzy hotels

Well-heeled travelers spending months at ritzy hotels
Franz von Holzhausen and the home (Credit: Jonathan Leibson/FilmMagic via Getty Images, and Google Maps)

Tesla designer picks up Richard Neutra-designed house in Montecito

Tesla designer picks up Richard Neutra-designed house in Montecito
Governor Gavin Newsom (Credit: Anda Chu/MediaNews Group/The Mercury News via Getty Images)

State bans evictions of pandemic-hit renters through January

State bans evictions of pandemic-hit renters through January
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...