A group of politicians and leading bankers will hold a Lenders Summit today designed to protect and preserve aging housing in Los Angeles.
"There are at least 150,000 dilapidated housing units in Los Angeles and this is a crucial step in arresting the deterioration that can lead to the blocks of abandoned buildings and 'ghost towns' that you see in South Bronx or North Philadelphia," said Councilwoman Jackie Goldberg, an organizer of the event.
The city of Los Angeles initiated the Lenders Summit to create a public-private partnership to provide housing rehabilitation loans to landlords who wish to make repairs on aging housing but lack the equity to get loans. The housing committee, the City Council, the Housing Department and the mayor's office convened the Summit.
Fannie Mae, Bank of America, Home Savings, Union Bank, Sumitomo, Manufactures Bank and Wells Fargo bank are among the participants who are pledging more than $150 million to the effort.
