The West Hollywood City Council is trying to help veterans find a home through an educational campaign aimed at linking them with the Department of Veterans Affairs (VA) Home Loan Program.
The council approved a measure on Monday that directs staff to conduct outreach with condominium and homeowner associations to educate members about the VA loan program. The program helps active service members, veterans and surviving spouses become homeowners by linking them with lenders that offer loans at lower interest rates. The VA guarantees a portion of the loan, but the properties must be registered with the VA prior to being purchased. The goal is to familiarize associations with the rules, said Andi Lovano, project development administrator for the city of West Hollywood.
Lovano said the outreach will likely occur over the coming months, although no timeframe has been established. Staff from the city’s Rent Stabilization and Housing Division will contact the associations and notify them about the VA’s rules.
The VA generally requires 30 to 45 days to complete the registration process, which costs $850. Associations must submit bylaws, management agreements and other documents pertaining to the properties to the VA. City officials estimate that 25 percent of West Hollywood housing units are condominiums.
According to West Hollywood’s 2013 Community Study, the city is home to 955 civilian veterans and 9 active duty members of the armed services. Approximately 43 percent are 65 or older.
“The plan is to send out the information to the homeowner and condominium associations so they can get on the VA-approved list,” Lovano added.
For information, visit www.benefits.va.gov/homeloans.













0 Comment