Section 246-296-050 - DWSRF loan terms(1) The department may approve a DWSRF loan for a project that will not serve a disadvantaged community at or below market interest rates for a maximum of twenty years from project completion.(2) The department may approve a DWSRF loan for projects that will serve disadvantaged communities: (a) At an interest rate set at or below market interest rates for up to thirty years, as long as the DWSRF loan does not exceed the useful life of the project;(b) That qualifies for principal forgiveness for up to fifty percent of the principal DWSRF loan amount; or(c) That qualifies for principal forgiveness for up to seventy-five percent of the principal DWSRF loan amount for an emergency loan.(3) A project is considered complete when the department approves the construction completion report.(4) The borrower shall begin repaying the principal and interest no later than one year after the project is complete.(5) The department shall: (a) Set terms that secure repayment of the debt and maintain a financially sound DWSRF program in perpetuity; and(b) Publish specific rates and contract terms in the annual application package.Wash. Admin. Code § 246-296-050
Amended by WSR 16-06-100, Filed 3/1/2016, effective 4/1/2016Amended by WSR 16-14-086, Filed 7/5/2016, effective 8/5/2016Statutory Authority: RCW 70.119A.170 and Federal Safe Drinking Water Act, H.R. 1452. 12-01-077, § 246-296-050, filed 12/19/11, effective 2/1/12. Statutory Authority: RCW 70.119A.170. 01-21-137, § 246-296-050, filed 10/24/01, effective 11/24/01.