Financing
SW 6 & 7 Financing
DEP State Revolving Fund (SRF) Loan
•Clean Water (CW) - Wastewater and Irrigation
•Drinking Water (DW) - Potable Water
•Currently 2 % to 3 % Interest Rate
20 Year SRF Loan Repayment
•SRF Clean Water (CW) = $74 Million
•SRF Clean Water (CW) = $74 Million
•Funds Wastewater and Irrigation
•SRF Drinking Water (DW) = $16 Million
•Funds Potable Water
•Total Estimated SRF Loan Amount = $90 Million
The City offered three different payment options:
•Amortized (Default Method) : - Billed via the tax bill annually
The City offered three different payment options:
•Initial Prepayment Period
•Adjusted Prepayment Period
•Amortized (Default Method) : - Billed via the tax bill annually
Hardship Program
•Method of deferral of annual payments
•Applicable to the amortized method only
•Based upon income qualification
Must qualify annually
Community Development Block Grant (CDBG)
•Set aside $50,000 for this program in FY14
•Grants for very low income families to connect from meter to the home, septic abandonment fee, and the meter fee.
•The household must be income qualified
•The property must be owner occupied and homesteaded
•The homeowner must be current on monthly mortgage payments