Septic Repair Loan Program Approved

Thursday, November 14th, 2013

A new loan program aims to ease the financial burden on the hundreds of homeowners in Portsmouth required to replace their cesspools with modern septic systems.  The RIDEM Cesspool Phase Out Act requires the replacement of cesspools statewide within 200 feet of the coast, a public well, or certain surface water supplies by the end of this year; an expensive endeavor.  The loan program was recently approved by the Portsmouth Town Council.

EastBayRI reports that $2 million will be made available for the loan program.  Some key details are:

• Homeowners may borrow up to $25,000 for up to 10 years.  The initial interest rate is expected to be 5%.
• The funds can be used for septic system repairs or replacements, including engineering and construction costs. 
• Borrowed funds will be paid directly to the system designers and installers. 
• Loans will be granted on a first come, first served basis. 

If every borrower applies for the full $25,000 then the first 80 qualified applicants will deplete the available funds unless the program funding is increased.  Since hundreds of homeowners could be eligible for the loans it would be prudent to apply as soon as the application period opens.

NE&C, located in Middletown, has been designing septic systems in Portsmouth and throughout Rhode Island for over 25 years.  Contact us if you are affected by the Cesspool Phase Out Act and want to learn more about the various design options available.

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Blog post by Jason Gold, P.E.

photo credit: GlissMedia via photopin cc