Sad eligible for usda low-interest financing

Four Lakes Task Force (FLTF) received good news that our pre-application loan for the Four Lakes Special Assessment District (SAD) was accepted and meets the eligibility requirements for a low-interest loan from the U.S. Department of Agriculture (USDA).

What does it mean for homeowners? The USDA qualification means the Four Lakes SAD can apply for low-interest financing for the recovery and rebuilding of the lakes and dams. This provides a path forward for Four Lakes and is a key milestone as we work to bring back our lakes.

This news comes just a few weeks after two other big steps forward in our plan:

• We recently learned FLTF was successful in advocating for legislation (which had bipartisan support in the State House and Senate and was approved by Gov. Whitmer) to extend and improve financing terms for dam restoration projects to 40 years. This will be a factor in lowering our annual assessment estimates. 
• FLTF also learned the State of Michigan awarded us $15 million for the restoration of the lakes, which will help fund the feasibility study, engineering design, flood and environmental studies, site readiness assessments, and pre-construction to restore the lake levels. This grant significantly reduces the need for interim financing and makes it possible to do critical work now while we work to establish the assessment terms.

We will continue our focus on the important work of determining affordability and assessment amounts for property owners. Please watch for more information about a property owner survey and public hearings, which are planned for the new year. While there is still more to be done, with your support we are making progress.