Loans offered to pay for improvements |

Loans offered to pay for improvements

Can’t afford to pay for your Best Management Practices?

For residents who are going to have to get a loan to pay for their BMPs, now is a good time to do it – at least for California residents.

The Tahoe Regional Planning Agency and Lahontan Regional Water Quality Control Board have access to millions of dollars from the California State Revolving Fund. Low-interest loans are available to residents and businesses that want to comply with TRPA’s Best Management Practices. Work which would result in improving water quality within the Lake Tahoe Basin qualifies.

The loans, through Bank of America, are 3 percentage points lower than the rate the loan normally would have been. They are available for up to 20 years. If a resident has other work that needs to be done in addition to BMP upgrades, such as roofing or painting a house, he or she can receive a blended interest rate.

The loan recipients must incur the costs first. Property owners can complete the work in stages and get reimbursed for each phase. The reason for that is to ensure people use the money for BMP upgrades – not paying off their credit cards or something like that.

When the loan program started, TRPA was handling all of the residential applications; Lahontan was handling business ones. To streamline the effort, however, TRPA now handles both.

The first step for any Tahoe property owner interested in applying for the loans is calling Matt Graham at TRPA, (775) 588-4547, ext. 217.

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