City offers loan program to help homeowners solve septic problems
Applications are available at the city’s website or at Municipal Service Centres
Kawartha Lakes This Week
(KAWARTHA LAKES) Applications are now available for the City’s septic rehabilitation loan program in which local homeowners can get money to perform repairs on their septic systems – or even get them replaced if necessary.
“This program provides a unique opportunity for rural residents to upgrade their septic systems and obtain financing that will be paid on their taxes at a lower interest rate than what most people would be able to achieve through conventional lending institutions. A great time for homeowners to address concerns with their private systems to improve the environment and ultimately local water quality,” says Mayor Ric McGee.
City of Kawartha Lakes council has set aside $150,000 for the program, and loans will be handed out on a first-come, first-served basis and repayment schedules vary from five to 20 years, depending on the amount of the loan. The loans will not exceed 25 per cent of the current value assessment of the property or $35,000, including taxes.
If the property in question is owned by more than one person, all owners must sign the agreement with the City with the loan being a lien against the property. Also, if there are other financial agreements attached to the property, applicants must comply with their obligations to other lenders because this loan takes priority over other registered interests appearing on the title.
For more information or to get an application, visit the city’s website or a Municipal Service Centre