The Los Angeles County district attorney has decided to investigate two elected officials who borrowed hundreds of thou sands of dollars through a low-interest loan program originally intended to help city administrations and executives afford to live in town.

The probe stems from complaints about Inglewood’s Residential Incentive Policy program, in which the mayor and treasurer participated.

A criminal investigation is being conducted.

The two-term mayor, a former Municipal and Superior Court judge, borrowed $500,000 in taxpayer money in November 2004, five months after he voted with a bare majority of the City Council to extend the loan program to elected officials, documents show.

At the time he received the 30-year loan with a variable interest rate of 2.39%, the rate for adjustable mortgages nationally was above 5%, according to the Federal Housing Finance Board.

The treasurer, who is in her early 60s, took out a city loan for $235,000 in 2005, records show. In an interview, she said she was attracted by the low interest rate (2.868% in her case) which, according to the loan program rules, could never vary by more than 2 percentage points.

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