If you need to seismically retrofit your apartment building, chances are good you’ll need to borrow money to do so. But what if you’re having trouble getting approved for a loan?
That’s where the new California Seismic Safety Capital Access Loan Program comes in.
The program itself doesn’t loan money, but it lessens the financial risk for participating banks, making them more likely to offer loans to small-business owners, like mom-and-pop landlords.
The state’s Pollution Control Financing Authority received $10 million from the Legislature last year to administer the program, which went live last month. Representatives are seeking banks to participate and are available to answer questions from rental property owners who think they might benefit.
The timing is right for property owners in Los Angeles, which enacted the nation’s most extensive …
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