Thursday, March 3, 2016

PennVEST, PHFA Improve Homeowner Septic System Replacement Program

The PA Infrastructure Investment Authority board has approved a change to the Homeowner Septic Replacement Program, expanding the eligibility criteria.
During the past year the PA Housing Finance Agency has introduced a few changes to the program as well. These changes were approved to make the program more beneficial for homeowners facing high costs associated with on-lot septic system repairs or first-time sewer connections. The changes include:
-- Expanded eligibility criteria;
-- A more streamlined application process;
-- Loan amounts now up to $25,000 for all homes (including manufactured homes, which previously were capped at $17,500); and
-- Now covers making a first-time connection to a public sewer.
The PennVEST loan continues to pay for the repair and replacement of on-lot septic systems, has a low interest rate, and has no prepayment penalties if the loan is paid off early.
Other advantages to replacing an on-lot septic system include increasing the value and marketability of a seller's home, eliminating worries about septic system problems, and improving the environmental health of one's property.
"Here at PennVEST we look forward to increased participation in the Homeowners Septic Program by people facing on-lot septic system failures and first-time connections to public sewer," said Paul Marchetti, PennVEST executive director.
"PennVEST funding is provided across the Commonwealth to help individuals and communities finance needed clean water and stormwater infrastructure improvements. Our cooperation with PHFA to offer assistance for individual homeowners with this program helps to provide a total suite of funding options that will ensure clean water and environmental protection."
PHFA's CEO and Executive Director Brian Hudson added, "PHFA appreciates this partnership with PennVEST so that our two agencies can finance water quality improvements that are so integral to housing in communities across Pennsylvania."
For more information, visit the PHFA PennVEST Homeowner Septic Program webpage or to start the PennVEST application process, contact a participating lender or PHFA at 1-855-U-Are-Home (827-3466); press "0" to be connected with the Customer Solutions Center.

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