Residents impacted by flood damage Haverhill, Methuen, North Andover and other area communities may be able to tap a Flood Disaster Relief Loan program offered by Merrimack Valley Credit Union.
The credit union said Thursday it has set aside up to $1 million for a limited-time personal loan program that will help homeowners make needed repairs for damage caused by the August floods.
“I’m so grateful for MVCU’s leadership in our community’s recovery effort. This initiative will make a meaningful difference for those who were hardest hit by this summer’s devastating weather events,” said state Senator Barry R. Finegold.
The Flood Disaster Relief Loan offers homeowners in owner-occupied primary residences up to $20,000 at a fixed 3.59% annual percentage rate, with a maximum repayment term of 66 months. It is available until Oct. 31, and subject to credit approval.
Applicants must provide a credit application, income documentation, a contractor-prepared work order and estimated cost of repairs and proof that the loan proceeds will be paid directly to the contractor.