City of Tacoma Environmental Services

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1 The City of Tacoma offers low-interest loans with terms of up to 10 years for residential sewer and storm water conservation projects. Eligibility Please note: You must apply and be approved before the project is completed. Loan disbursement will not take place until project completion is verified by Environmental Services. Project location must be within the boundaries of the City of Tacoma. Project must meet Environmental Services Conservation Loan Program eligibility requirements. Loans are available for existing residential properties. New construction is not eligible. The applicant must have a good credit history with Tacoma Public Utilities. A current credit report with score will be required. How the Process Works Get Bid Estimates of the project costs from licensed contractors. (Minimum of 2 bids for comparison purposes.) Complete and return the application form with the other requested documents. Environmental Services will evaluate the application and the applicant s credit history. The application is generally notified within three to five business days if the application is accepted. The project is completed and a final invoice submitted to the City. Loan documents are prepared for signature. Upon receipt of executed loan documents, the City will close out your loan and issue a twoparty check to the borrower and contractor. The check will be mailed to the borrower. Loan Security and Fees Loans may be made for up to 90% of the estimated project cost. Loans must be secured by a sufficient security interest (lien) in the project property. A $ fee is charged when the loan closes, to cover the cost of filing and releasing the lien. The fee will be included in your loan amount. The rate of interest is 2% below the Prime rate published on the date the loan agreement is signed, with a minimum rate of 4%. The minimum residential loan amount is $1,000 and the maximum is $10,000. Multi-family properties must apply for a commercial loan if the project cost is greater than $10, Contacts If you have questions about the loan requirements or need assistance with the application form, please contact: Conservation Sewer Loans C/O Community & Economic Dev. Dept. 747 Market Street, Room 900 Tacoma WA Phone: (253) Fax: (253)

2 Required Documentation Completed, signed loan application. Completed, signed release form. Proof of income. This may be a copy of recent pay stubs (minimum of 2), direct deposit records for pension or social security, etc. Copy of (minimum of 2) bid estimates; be sure to indicate which contractor you would like to proceed with. Other Items Considered Real Property Tax Assessment. Staff will verify the assessed value of your property to insure sufficient equity exists. Staff will also verify the property taxes are current. Credit history with Tacoma Public Utilities. Staff will verify that you have an acceptable credit history with Utilities. Copy of recorded deed, providing a legal description and proof of ownership. City staff may be able to obtain this directly from Pierce County, but will contact you prior to processing your loan if they are unable to retrieve a deed or if the property reflects different ownership. Pierce County Clerk s Office, 930 Tacoma Avenue S., Room 110, Tacoma WA Their phone number is (253) If the owner has remarried, a copy of the marriage certificate is required. You may obtain a copy from the Pierce County Auditor s Office South 35 th Street, Tacoma, WA Their phone number is (253) If one of the owners is not present, a copy of a power attorney must be recorded with the Pierce County Auditor to be valid. Contact the Pierce County Auditor s Office, 2401 South 35 th Street, Tacoma WA for assistance. Their phone number is (253) If the property is professionally managed, a copy of the property management agreement is required. If the property has been short-platted or subdivided since you purchased it, a recorded copy of those documents is required. You may obtain a copy from the Pierce County Auditor s Office South 35 th Street, Tacoma, WA Their phone number is (253) Additional Documents In some cases, additional documents may be needed: If one of the owners is deceased, a copy of the death certificate is required. You may obtain a copy from the Tacoma-Pierce County Health Department, Office of Vital Statistics, 3629 South D Street, Tacoma WA Their phone number is (253) The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or a part of the applicant s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If the owners are divorced, a copy of the recorded dissolution stating that the applicant has been awarded the property is needed. You may obtain a copy from the

3 Residential Application 1. Applicant Name: Co-Applicant: Mailing Address: City & State: Zip: 2. Social Security #: Social Security #: 3. Project Address (if different): 4. Telephone (Home): Work / Cell #: 5. City of Tacoma Utility Account #: For items 6-8, please attach a copy of recent pay records such as 2 or 3 recent paystubs, bank statements reflecting direct deposit of social security or pensions, etc. 6. Employer Start Date: Annual Income: Monthly Income: 7. Co-Applicant s Employer: Start Date: Annual Income: 8. Other Income (Pension, Social Security, Rental etc.) Source: Source: Monthly Income: Annual Amount: Annual Amount: 9. Are you the legal owner of the property? Yes No 10. Is the property currently listed as security collateral on any mortgage, deed of trust, real estate contract or other loan document? Yes No 11. If yes, please list: Lenders Name: Loan Type: Loan Balance: Monthly Pmt.: 12. Do any of the loans listed in #11 contain an escrow account for payment of taxes: Yes No 13. Total of your outstanding debt, not including loans listed in item 11: $ (Include anything you may have a regular payment on such as auto & student loans or credit card payments) 14. Total monthly payments of debt totaled on line item 13: $ 15. Have you ever filed bankruptcy? Yes No

4 Conservation Sewer Loan Application 16. Are there any judgment or liens not previously noted: Yes No If yes, please describe: 17. Describe in detail how loan proceeds will be used: 18. Total estimated cost of project: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or a part of the applicant s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Borrower Certification and Acknowledgement of Loan Fees and Lien Agreement: I certify that the information provided above is current and correct to the best of my knowledge. I understand that a non-refundable fee of $ will be charged when the loan closes, to cover the cost of filing and releasing the lien when paid. I understand that this fee will be part of the loan amount. I further understand and agree that the City of Tacoma will secure this loan with a lien, executed by all the property owners, on the property referenced in Item #3 and located at:, Tacoma Washington. Applicant Signature Date: Co-Applicant Signature Date: Please attach all required documents, including proof of income, credit release form, and a copy of the bid, and return this application to: C/O Community & Economic Dev. Dept. 747 Market Street, Room 900 Tacoma WA Phone: (253) ~ Fax: (253) Revised 9/8/2016

5 City of Tacoma Community and Economic Development Department General Authorization to Release Non Public Personal Information Authorization is hereby given to release to the City of Tacoma, Tacoma Public Utilities and the Tacoma Community Redevelopment Authority any and all non- public personal information required by the aforesaid agency concerning but not limited to employment records, credit records, bank and financial records, and mortgage and private contract records. The Tacoma Community Redevelopment Authority (TCRA) is a separate legal entity under the City of Tacoma s public development authority. The TCRA may underwrite, evaluate and obtain credit information on behalf of the City of Tacoma for their Conservation Sewer Loan program. Applicant s Signature Date Print Name(s): Co-Applicant s Signature Date Print Name(s): The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or a part of the applicant s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. 747 Market Street, Room 900 Tacoma, Washington (253)