Low Interest Home Loans

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.

[Home] [Low Interest Home Loans] [Hawaiian can Acquire Loans]