Cape Cod AquiFund

For septic system repairs, replacements, and I/A system installations, we recommend that you apply for the program once your septic system has been inspected and certified failed or is showing signs and symptoms indicating failure.

For town sewer connections, you must wait and apply for the program ONLY after you have received the Notice to Connect letter from your town’s Board of Health. Town sewer applications cannot be approved until the Notice to Connect letter has been issued.

An original completed application, signed and dated, along with a signed and dated copy of your most recent 1040 Federal Tax Return and your most recent mortgage statement is required at a minimum. If you do not file a Federal Tax Return, evidence of sources of income (e.g. Social Security benefits, pension benefits, etc.) should be submitted along with your application.

Currently, there is no minimum income requirement to apply for this program. However, applicants will be required to submit most recent proof of income with their application.

Only residential properties are eligible for program funding. Primary residences, seasonal residences, secondary residences, and condominiums are examples of eligible properties. Commercial properties are not eligible for program funding.

Frequent pumping, liquid at the surface, gurgling sounds or slow drainage of sinks, shower, or toilets and especially liquid flowing back into your basement are symptoms indicative of a failed septic system.

Once we are in receipt of all required information, your application can be accepted in as little as 48 hours. Applications requiring additional review may take longer.

Yes, the program can include the cost of engineering in the homeowner’s total loan amount. The loan also covers all work directly related to the septic system, I/A system, or town sewer connection installation. Incidental work associated with the project (e.g. loam & seed after work completion, repair to a driveway damaged during construction, required plumbing changes, etc.) is also generally covered.

A homeowner should start soliciting bids from engineers and/or licensed installation contractors as soon as possible. A homeowner is not required to have an accepted bid at the time of loan application, however, a signed and accepted bid from the homeowner’s chosen engineer/installation contractor must be submitted to Cape Cod AquiFund before funding can be fully approved.

The decision is up to the homeowner. We recommend 3 bids, however, this is not a requirement. The homeowner should obtain as many bids as they feel is necessary to obtain a competitive bid. All obtained bids, including the homeowner’s accepted bid, should be forwarded to Cape Cod AquiFund for review.

Homeowners must sign the chosen bid and forward the bid to AquiFund. Once received, AquiFund will prepare a Betterment Agreement for the homeowner to have signed in the presence of a notary public. The original and complete betterment agreement must be returned to AquiFund via mail.

Inform the contractor you will be financing your project through Cape Cod AquiFund. It is our recommendation that the homeowner does not pay any deposits unless the homeowner would like to pay for the deposits out of pocket. Any payments made to a contractor by a homeowner cannot be reimbursed by Cape Cod AquiFund.

Cape Cod AquiFund will disburse all payments directly to the contractor. The homeowner will not receive any of the funds. The homeowner should not pay for any work as our program does not offer any reimbursements.

You will be billed directly by Cape Cod AquiFund, and you will make payments on a monthly basis directly to Cape Cod AquiFund.

Cape Cod AquiFund records a Notice of Betterment Assessment at the Barnstable County Registry of Deeds for the amount borrowed.

The maximum term is 20 years.

You can pay more than the minimum payment due, and this amount will be credited to your outstanding principal thereby reducing the term of your loan and lowering your total interest payment.

If you pay your loan off within one year of receipt of your first payment, you will be charged a $400* early repayment fee.

*Subject to change without notice.

By law, the interest rate will increase from 14% per annum. Your account will return to it’s original interest rate if past due principal and interest payments become current.

A Certificate of Dissolving Betterments will be prepared once the loan has been paid in full. The Certificate will be recorded by Cape Cod AquiFund on behalf of the homeowner at the Barnstable County Registry of Deeds. Cost of recordation is the responsibility of the homeowner.

No. If the owner sells or transfers the property, whether voluntarily or involuntarily, the unpaid balance of principal and interest shall become due and payable to the County.

No. Betterment loans are considered a tax, and as such cannot be subordinated to new or existing mortgages.

There is a tax credit available for primary residence property owners. You should contact the state Department of Revenue with questions and to obtain Schedule SC necessary in order to obtain the credit.

There is no anticipated shortage of funding for this program.