Homeowners in Vermont will have access to a new state loan program that will help with the cost of repairing or replacing failed residential wastewater and drinking water systems.
The On-site Loan Program is funded and administered by the Agency of Natural Resources, Department of Environmental Conservation.
Loan underwriting and servicing will be provided by the $37 million Opportunities Credit Union in Winooski, Vt., according to the agencies.
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To be eligible for the loans, applicants must have a failed wastewater and drinking water system and must reside in the residence on a year-round basis.
In addition, the applicant must also have been denied financing for needed repair by at least one financing entity and the gross household income must be equal to or less than 200% of the statewide average median income, which is $129,260 for 2014, according to program officials.
The standard term of the loans is 15 years but can be extended to 20 years where affordability is an issue.
The interest rate is 3% and the loans are secured by a lien on the property.
"The On-site Revolving Loan Program fills a critical need," said David Mears, commissioner of the Vermont Department of Environmental Conservation. "It is unique in that it provides a viable option to those who demonstrate need, but who have already been rejected by traditional financing in the commercial marketplace."
In 2012, the Vermont Legislature established the Vermont Wastewater and Potable Water Revolving Loan Fund, commonly referred to as the On-site Loan Program.
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