La Mirada : Agency Will Get Award for Home Ownership Program

The La Mirada Redevelopment Agency has earned an award from the National Assn. of Housing and Redevelopment Officials for an innovative program designed to help low- and moderate-income residents become homeowners.

The object of La Mirada’s program is to make first-time property owners of individuals earning as little as $15,000 a year and families making as little as $20,000 annually.

Last August, the city inaugurated the program by arranging to purchase 45 one- and two-bedroom condominium units at market value. The City Council approved a bond issue providing $2.55 million for that purpose. Another $4.1-million bond issue was approved to help finance low-interest, fixed-rate mortgages for the home buyers. More than 200 city residents signed up for a lottery to get into the program.

The units are located off Beach Boulevard south of Imperial Highway, and are part of a larger condominium development. The city has the option to buy back the property when resold, in order to keep the units available for future first-time buyers.