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WAC 173-98-310

On-site sewage system repair and replacement programs.

(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 proportion of loans that the recipient charged provided to homeowners in accordance with Table 2. Loans provided to small commercial enterprises do not affect the final loan blended interest rate.
Table 2
Interest Rate Schedule for Loans Targeted to Homeowners
Homeowner income is:
Above eighty percent of county MHI (nonhardship)
Above fifty but below eighty percent of county MHI (moderate hardship)
Below fifty percent of county MHI (severe hardship)
One to five years term:
Thirty percent of market rate
Fifteen percent of market rate
Zero percent
Six to twenty years term:
Sixty percent of market rate
Thirty percent of market rate
Fifteen percent of market rate
Twenty-one to thirty years term:
Eighty percent of market rate
Forty percent of market rate
Twenty percent of market rate
(3) For the purposes of this section, small commercial enterprises are those with an average daily flow of less than three thousand five hundred gallons.
(4) The recipient must submit a final compilation of the local loans provided to homeowners 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 levels:
(a) Above eighty percent of county MHI;
(b) Fifty to eighty percent of county MHI;
(c) Below fifty percent of county MHI.
[Statutory Authority: Chapters 90.50A and 70.146 RCW. WSR 17-17-040 (Order 16-04), § 173-98-310, filed 8/9/17, effective 9/9/17. Statutory Authority: Chapter 90.50A RCW, RCW 90.48.035, and 43.21A.080. WSR 11-20-036 (Order 10-14), § 173-98-310, filed 9/27/11, effective 10/28/11. Statutory Authority: RCW 90.48.035. WSR 07-14-096 (Order 05-16), § 173-98-310, filed 6/29/07, effective 7/30/07.]
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