Cape Cod AquiFund

Through June 30th, 2023, the income requirements are as follows:

• For 0% interest, a household income of $100,500 or less.
• For 2% interest, a household income of $150,500 or less.

Loans finalized prior to March 1st, 2023 are ineligible for reduced interest rates. Only new applications are eligible.

For 4% Interest: Primary as well as secondary residences, condominiums and apartment buildings are some of the types of properties covered.

For 2% and 0% interest: Property must be a single-family, owner-occupied, year round, primary residence. Additional conditions apply.

For 4% interest: Conventional septic systems, alternative septic systems and sewer hook-ups are covered.

For 0% and 2% interest: advanced nitrogen and phosphorus removing septic systems and sewer hook-ups are covered. Additional conditions apply.

This is a septic system that meets either state or local definitions for failure including non-compliant systems.

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.

It covers all work directly relating to the upgrade of a failed residential septic system. This includes the design of the upgrade and the installation of the new components. Also, incidental work associated with this project (e.g. loaming and seeding after work completion, repair to a driveway damaged during construction, plumbing changes required because of the upgrade, town water hook-up or well relocation required because of the septic system upgrade, etc.) are generally covered.

To find out what parts of your project can be covered, email aquifund@capecod.gov, or call 774-330-3010 to speak directly with program staff.

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.

Once we are in receipt of all required information, you can be approved for a loan in as little as 24 hours. Applications requiring additional review may take longer.

This pertains to a reference for where your deed was recorded at the Registry of Deeds. Book and page refers to recorded land while the document number refers to land court or registered land. If you do not have this information available, we will obtain it once the application is submitted.

This is the parcel identification information obtained from your local property tax bill. If you can not find this number, we will obtain it for you once the application is submitted.

Depending on the exact circumstances of your situation, you should either obtain bids from a designer if no plans for your upgrade exist or an installer if plans are available.

This decision is up to the homeowner. We recommend 3 bids, however this is not a requirement. You should obtain as many bids as you feel are necessary in order to obtain a competitive bid. Once you receive bids, you should forward copies of them to AquiFund for review.

AquiFund will prepare a Betterment Agreement for you to sign. Once signed in the presence of a notary public, AquiFund will be able to pay contractors for septic system related work.

The homeowner should not pay for any work if they expect to be reimbursed. Instead, an original invoice indicating a balance due should be sent to AquiFund for processing.

All invoices must be original. An e-mailed invoice is also acceptable.

Reimbursement for costs associated with the septic system repair project up to 30 days prior to the approval of a completed application is possible, but not guaranteed.

You will be billed directly by Barnstable County and you will make payment on a monthly basis directly to Barnstable County.

At present monthly payments are made online via our website or by check.

The maximum term is 20 years.

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.

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 nominal early repayment fee.

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.

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

A Certificate for Dissolving Betterments will be prepared following your final payment. The Certificate will need to be recorded by you or your representative at the Registry of Deeds to indicate payment in full of the loan. Any cost associated with recording the Certificate is your responsibility. Please note that there will be only one original Certificate prepared.

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, unless the County has agreed in writing to permit the buyer or transferee of the property to assume the obligation to pay the unpaid balance. Generally speaking, however, the lender for the purchaser of the property will typically require that the County loan be paid in full so that an assumption of the outstanding obligation may not be an option.

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

There is no anticipated shortage of funding for this program.