Town Of Essex Launches Loan Program For Shoreline Protection

Sunday May 10th, 2020

Posted at 5:01pm

0
0
0

The Town of Essex has launched the new Shoreline Assistance Loan Program.

The program is the first of its kind in the region and is designed to replace the provincial loan program which provided loans to shoreline property owners until it was discontinued in 2010.

The program will provide property owners with loans, in partnership with a local financial institution, to repair or construct protective works to prevent damage from erosion and flooding.

“Protecting your property from high water and erosion can be quite expensive, and this program is designed to ease the burden and allow property owners to take action when it’s needed most,” said Mayor Larry Snively. “It will allow property owners to undertake the work of protecting their properties while benefitting from competitive interest rates that would not be possible without this program.”

Under the program, eligible property owners will have the balance of their loans transferred onto their property tax account in the form of a local improvement charge. Property owners will pay back the loan with monthly payments; up to a ten year term.

Funding amounts are capped at either $250,000 or 30 per cent of the Current Assessed Value of the property.

Property owners interested in applying or learning more about the program can contact [email protected] or by visiting www.essex.ca/shoreline.

Do You Like This Article?