We are proud to offer a Lead Paint Abatement (LPA) lending program for commercial mortgage customers. This new program is to support financing the costs of lead paint inspection, remediation and abatement in residential rental properties constructed before 1978 to achieve lead-safe status.
Serious health risks associated with lead paint are widely recognized. In 2018, the State of New Hampshire adopted universal testing guidelines for all infants through the age of 2 years, and mandated requirements for the mitigation of lead paint hazards in rental apartments and child care facilities. MVSB wishes to contribute towards improving the health and safety of families and communities by offering incentives to landlords to test for and remove lead paint hazards, even before such hazards might become identified through the State’s own testing programs.
MVSB has committed funds to actively promote a special commercial mortgage program for the remediation of lead paint hazards in pre-1978 apartment buildings. The program would feature a fixed-rate and flexible payment terms to create an incentive for property owners by easing some of the financial burdens of remediation and can be used as gap financing in conjunction with New Hampshire Housing Finance Authority (NHHFA) grant funding or NH State loan programs.
“We are dedicated to ensuring the health and safety of tenants in our communities where commercial mortgage customers own rental apartments,” noted John Swedberg, SVP Commercial Lending. “By reducing or eliminating the exposure to lead and lead paint for children and at-risk adults living in older apartment residences, we can help support a healthier home environment for them to grow and flourish.”