To further CDLI’s mission of increasing investment in neighborhoods, protecting the assets of homeowners, and protecting the environment, a low-interest rate loan product is now available to assist with the installation of a new septic system in homes with failing cesspools!

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To reverse decades of damaging nitrogen pollution of ground and surface waters on Long Island, this new loan from CDLI is made available to assist with the cost of replacing outdated and failing septic systems with state-of-the-art nitrogen-reducing systems or a lesser-cost hybrid system. CDLI will make its low-interest loan available if the homeowner is in need of additional funds to cover the costs of installing the new system. Loan application fees and closing costs do apply to this product. Loan amounts cannot exceed $10,000.

Available for homeowners anywhere on Long Island, near water, or further away in the center. Primarily, those homeowners who do not qualify for the Suffolk County program for Septic Replacement System. This loan product is not available for homeowners who are looking to replace a conventional cesspool with another conventional cesspool system.

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Loan Guidelines

• Loans amount: $10,000 per household

• Houses must be residential single-family or two-family properties, owner or non-owner-occupied. Other type of houses can be considered on a case-by-case basis

• Property Taxes must be current

• A credit score of 625 will be used as an underwriting guideline

• Interest rate: 4% or 6% depending on the percent of the applicant’s household income in relation to the Area Median Income (AMI)

• UCC-1 filing fee of 50%

• The maximum loan term is 15 years

• UCC-1 filing is required to secure the loan

• Applicant(s) must be the legal owner(s) of the property

• A signed contract with the contractor is required

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Loan Fees

• $120 application fee

• $125 processing fee

• 1% origination fee