The City of Cortland at last night’s (July 21) Common Council meeting unanimously approved a revolving loan program to help residents with repairs on their property.
This program is open to all City of Cortland residents and property owners who are looking for help to pay for the costs of sewer/storm lateral repair, water service repair, including backflows, as well as sidewalk replacement.
These repairs and replacements can be very expensive, says the city.
This program will fund up to $9,000.00 and the work must be performed by licensed contractors who have current insurance certificates on file with the City of Cortland.
At Tuesday’s meeting, the Common Council did recognize the importance of sewer/storm lateral repair, water service repair, including backflows, as well as sidewalk replacement for its residents and property owners, regardless of financial status.
City residents must apply for the loan and be up to date with all their property taxes to be eligible.
The funds say the city will be in the form of a loan that will be put on that residents or property owners tax bill and paid over a five year period with a rate of 6% interest.
The City of Cortland did provide the procedure to apply for this revolving loan program outlined below:
1. Obtain an Application from City Hall, located at 25 Court Street, or online from the City
of Cortland’s website at www.cortland.org.
2. Obtain a minimum (recommend three) of one (1) itemized quote from a contractor who has
a current insurance certificate on file with the City.
3. Complete the application and return to the City of Cortland with any additional required
documentation (i.e. itemized quotes) for approval.