Certified CDFI Loan Fund Assists Low-income Single Man Living in Henry County, VA

Friday, 18 March 2022 Stories, SERCAP News

SERCAP - Web Image - for Individual Household Septic Loans

Recently, SERCAPs Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income single man living in Henry County, VA, to replace his septic system. Shortly after purchasing his home, he began experiencing difficulties with his septic system. Due to an addition to the basement, the system was not installed deep enough into the ground, and tree roots were growing through it. Wastewater began overflowing from his septic system into the bathroom in the basement, creating a nuisance and a health hazard. However, due to his low-income status he was unable to afford the cost of replacing his septic system on his own.

Fortunately, SERCAP’s CDFI Loan Fund was able to approve him for an affordable Individual Household Septic Loan in the amount of $15,000.00, to support the replacement of the septic system. Additionally, SERCAP’s Essential & Critical Needs Grant program approved him for a $1,500.00 grant, allowing SERCAP to assist with the majority of the $16,600.00 project cost. The installation of the new septic system was awarded to Handy Rental Contractor, and the project was recently completed.

In the long-term, the positive impact of this project will be the improvement to the overall Quality of Life for the client, due to the improvement of his Environmental Health and Economic Self-sufficiency. This project will positively impact the Environmental Health of the client, by: 1) restoring reliable access to an environmentally sound wastewater disposal solution at his home, 2) preventing his exposure to potential illnesses which could have been caused by the overflow of wastewater into his home, and 3) preventing the potential financial burden, which could have occurred if an affordable loan and grant combination had not been available to support the project cost, (potentially having a negative impact on the clients mental and emotional wellbeing). The project will also positively impact the clients Economic Self-sufficiency by increasing his personal assets through the increased value of his improved property. Additionally, the project will improve the Economic Self-sufficiency of the community-at-large, by encouraging property improvement, neighborhood revitalization, and by increasing the current property tax-base for Henry County.


*Funding for SERCAPs Certified CDFI Community Development Loan Fund is primarily made possible by USDA Rural Development, and SERCAPs own Agency Revolving Loan Fund. Additionally, all of SERCAPs programs in Virginia, including the Essential & Critical Needs Grant Program, are leveraged by an annual Budget Appropriation granted to SERCAP by the Virginia General Assembly, and administered by the Virginia Department of Housing and Community Development (DHCD).