California IN BRIEF : SACRAMENTO : Low-Interest Loans for Hotels Offered
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From Times Staff and Wire Reports
The state is offering $28 million in low-interest loans for the rehabilitation and development of rural hotels and rental properties in California. The Department of Housing and Community Development said the funds were approved by the voters in 1988 and 1990 as Propositions 77, 84 and 107. The 20-year and 30-year loans are being offered to commercial and nonprofit developers, owners of rental properties and local government agencies at a simple interest rate of 3%.
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