Low-interest loans available for homeowners with failed septic systems

Sharon homeowners in need of septic system repair, replacement or upgrade are invited to apply to the town’s loan betterment program.

Through the program, homeowners can borrow funds at 3.5 % interest rate for 20 years.

The loans are offered through an agreement between the Town of Sharon, the DEP and the Massachusetts Clean Water Trust’s Community Septic Management Program.

The Board of Health sponsored an article on the 2021 Town Meeting warrant to establish the septic loan program after hearing that longtime residents were struggling to afford septic system improvements.

Replacing a septic system can cost $25,000 to $30,000, Assistant Town Engineer Kevin Davis said.

Town Meeting voters approved appropriating $500,000 to establish the program.

The town borrows the funds from the Massachusetts Clean Water Trust, then lends the money to homeowners.

The homeowners pay off the betterment loan alongside their real estate taxes.

There is no cost to the town.

“The homeowners get something they need, and it protects the public and environmental health of the town,” Davis said. “Those who apply are long-time residents looking to stay in their homes in Sharon.”

Davis estimated that 97 percent of homes in Sharon have septic systems and said connecting to a sewer system is not an option in most areas.

The town has $500,000 available to lend to Sharon homeowners at 3% interest rate.

“That’s a better rate than if a resident used a home equity loan to fund a septic system,” Davis said.

To apply go to this link or see application attached below.

For more information go to this link or call (781) 784-1525 x2317.