City staff is recommending that city commissioners vote to expand the City’s Water and Sewer Loans program to include a Whole House Plumbing Replacement program available to residential water utility customers.
The reason for the program is the impact of the city’s aging water infrastructure. When the system fails -which is happening more frequently – property owners are responsible for the cost of maintenance and repairs and these costs can often be a burden to property owners.
The program will be provided through a revolving loan fund and administered by Customer Operations as a component of the Water and Sewer Loans program.
Loans will be available on a first come, first serve basis upon implementation of the program. Installment loans are offered at a fixed 5% interest rate, up to 5-years financing and loan amounts can range from $500 to $10,000 to residential water utility customers only. Payments are billed via the customer’s monthly utility statement. Also, a promissory note will be required, and a lien placed on the property.
At the November 8, 2017 City Commission meeting, the Commission authorized an expansion of the City’s Water and Sewer Loans program to include a Whole House Plumbing Replacement pilot program beginning November 9, 2017 and ending September 30, 2018 to financially assist customers with the replacement of failing water pipes in private homes.
This pilot program ran from November 9, 2017 through September 30, 2018 and was deemed a success based on successful assistance of three property owners for a total amount of $12,000.
The pilot program has now expired and staff is seeking approval to continue the program as an ongoing loan measure to residential water utility customers.