Homeowners to Repay Quake Loan
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A homeowners association next week will repay Los Angeles a $1.2-million loan used to repair damage incurred during the 1994 earthquake, officials said Tuesday.
The money helped rebuild 40 homes in the 195-unit Park Northridge condominium complex.
“Without this financing, our ravaged condominium complex would not have been fully reconstructed even by this year,” said Dick Spangler, treasurer of the Park Northridge Homeowners Assn. “But it has been fully rebuilt. We are paying it off some 20 years early, which is gratifying to us.”
The interest-free loan was provided by the city’s Housing Department as part of its earthquake recovery program. It was given to the association in late 1994 to make repairs until homeowners received payouts from their insurance companies.
The association will probably present the check to City Councilman Hal Bernson at the council’s next meeting Tuesday.
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