How Loans for Fire Lots Could Lead to Post-Fire Rebuilding
California’s nonprofit Community First Credit Union created a real estate loan to protect local residents from fires and the damage suffered from the recent firestorms.
According to the Sonoma County Gazette, “The funding allows them time and money to pursue plans, permits and people to rebuild on the property.”
They continue, “’Rebuilding isn’t easy,’ said Monika Besancon, Chief Lending Officer at Community First. ‘Getting plans and permits can take many months. Additionally, with such a critical shortage of contractors and construction crews, it could take years before everything is hammer-ready.’”