WINOOSKI, Vt. (6/24/14)--The state of Vermont has called upon a small credit union to provide financing to residents who have been turned away by banks or other financial institutions and need to repair or replace home wastewater or drinking water systems.
Through an initiative to ensure residents with limited financial capacity have access to updated water systems, the state has tapped Opportunities CU, Winooski, Vt., with $37 million in assets, to facilitate the loan program (Newslines Express June 20).
Approved by the state Legislature in 2012, the program also aims to protect both public health and the environment.
To qualify for the program, a homeowner must meet the following criteria:
The loans carry a 3% interest rate and a standard term of 15 years, though the term can be extended to 20 years for affordability purposes if needed.
Loans are secured with a lien on the property. The program is underwritten and serviced by Opportunities CU, and funded and administered by the Agency of Natural Resources and the Department of Environmental Conservation.