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Low interest loans for home
repair and sewer hookup are available
By Mark Goodman / Correspondent
Friday, August
22, 2003
Homeowners who need assistance to pay for home repairs or
tying in to the town sewer system can get help from the town.
With a grant from the state Department of Housing and
Community Development, low-interest loans are available to residents.
Applications are available at the Community Development office in Town
Hall.
The grant is separated into two loan programs. One is the
Community Development Block Grant (CDBG). The other is a community
septic program.
The CDBG is available to homeowners in need of necessary
home repair, according to Housing Rehabilitation Manager Nicole Bell.
Such repairs include windows, roofs, heating systems, plumbing and
electricity.
Repairs concerning lead paint can also be covered with a
loan, especially if a young child lives in the house,
Bell said.
Loans of up to $20,000 are available under the CDBG. The
size of the loan depends on several factors, including family size and
income level,
Bell said.
There is no interest on the loan,
Bell said, and the
re-payment period can last up to 20 years. Thirty-five loans were
approved this year, with about 30 expected next year.
In conjunction with the Board of Health, the community
septic program allows residents to take out loans to have their homes
tied in to the public sewer system, as mandated by town law.
The Board of Health recently sent letters to residents
whose homes are not tied in. The letter notified them that they are
subject to fines of up to $1,000 per day if they do not resolve the
matter.
A few residents came to the Board's Aug. 4 meeting to voice
their concerns about the cost of tying in, which can be as high as
$8,000. Those residents were apprised of the loan.
These loans carry a five-percent interest rate, and
according to
Bell
can be paid back in up to 10 or 20 years, depending on the cost.
These loans are available to households with up to $150,000
of annual income, regardless of family size,
Bell said.
The grants are available on an annual basis. The last two
grants to Holbrook were over $500,000 each,
Bell said.
Money from loan payments goes back into the community.
Funds for the upcoming reconstruction of the handicap ramp in front of
Town Hall came from the CDBG.
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