(1) Applicants may apply for a revolving fund loan to establish or continue programs that provide funding for on-site sewage repair and replacement for homeowners and small commercial enterprises.
(2) Final loan blended interest rate.
The department may adjust the recipient's interest rates based on the interest rates that the recipient charged to homeowners and small commercial enterprises. To receive the adjusted interest rate, the recipient must issue loans shown in figure 3.
(3) Figure 3 shows the interest rate schedule for loans targeted to homeowners at three levels of county MHI. For information on how the market rate is determined, see WAC 173-98-400
|Homeowner Income is: ||Twenty- |
|Five-Year Term ||Hardship Level |
|Above eighty percent county MHI ||Sixty percent of MR ||Thirty percent of MR ||Nonhardship |
|Fifty - eighty percent county MHI ||Thirty percent of MR ||Up to fifteen percent of MR ||Moderate |
|Below fifty percent county MHI ||Up to fifteen percent of MR ||Zero percent ||Severe |
(4) Figure 4 shows the interest rate schedules for loans targeted to small commercial enterprises at three levels of annual gross revenue. For example, in order for a small commercial enterprise to be considered for moderate to severe hardship, the business must provide documentation to substantiate that annual gross revenue is less than one hundred thousand dollars.
|Small Commercial Enterprise |
Annual Gross Revenue is:
|Twenty-Year Term ||Five-Year Term ||Hardship Level |
|Above one hundred thousand dollars ||Sixty percent of MR ||Thirty percent of MR ||Nonhardship |
|Fifty thousand dollars - one hundred thousand dollars ||Thirty percent of MR ||Up to fifteen percent of MR ||Moderate |
|Below fifty thousand dollars ||Up to fifteen percent of MR ||Zero percent ||Severe |
(5) The recipient agrees to submit a final compilation of the local loans provided to homeowners and small commercial enterprises throughout the duration of the project. The list will include information provided by the recipient regarding the number and final dollar amounts of loans funded in the following respective homeowner income and small commercial enterprise revenue levels:
(a) Homeowner income:
(i) Above eighty percent of county MHI;
(ii) Fifty to eighty percent of county MHI;
(iii) Below fifty percent of county MHI.
(b) Small commercial enterprise annual gross revenue:
(i) Above one hundred thousand dollars;
(ii) Fifty thousand dollars to one hundred thousand dollars;
(iii) Below fifty thousand dollars.
[Statutory Authority: Chapter 90.50A RCW, RCW 90.48.035, and 43.21A.080. 11-20-036 (Order 10-14), § 173-98-310, filed 9/27/11, effective 10/28/11. Statutory Authority: RCW 90.48.035. 07-14-096 (Order 05-16), § 173-98-310, filed 6/29/07, effective 7/30/07.]