The Block Island Times: Loans available for sewer tie-ins

Fri, 03/16/2018 - 8:30am
Category: News

Island homeowners with antiquated septic systems may have an opportunity to connect to the town sewer system affordably through a state run program if they're eligible. Town Manager Ed Roberge introduced the item to the Town Council based on a recommendation made to him by Finance Director Amy Land.

The New Shoreham Town Council voted unanimously (5-0) at a recent meeting to draft a resolution in support of some homeowners on Old Town Road who wish to participate in the Rhode Island Infrastructure Bank's Sewer Tie-In Loan Fund program. The program, administered by Rhode Island Housing and Mortgage Finance Corporation, will provide the town with up to $150,000 in credit with the maximum loan amount of $10,000 to each homeowner who wants to participate and tie-in to the town's sewer system.

The program stipulates that borrowers pay a one-time origination fee of $300 and one-percent annual servicing charge on the outstanding loan balance; the no-interest loan has a term of five years, and no income level requirement; the sewer connection must be made within one year of the loan application; the property must be classified by the New Shoreham Tax Assessor as residential, and be in decent, habitable condition, and not be encumbered by a building violation; have homeowners' property and liability insurance. A copy of the Sewer District connection permit is required with the application.

To view the complete article, visit The Block Island Times

Courtesy of The Block Island Times

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