Gold and Yellow sections — SAD Financing Information

Financing information

In the next week or two, you should receive a letter from Bloomfield Township with the final assessment amount and your options for payment. Payment options:

• Up-front payment of full assessment — this option would avoid any interest.

• Payment over 15 years — under this option, the Township will be each annual installment of the assessment on the winter tax bill, which is usually mailed in early December and due by February 15. Interest will be fixed at the rate on the bonds the Township will sell to finance the construction plus 1%. If you choose this option, you can prepay all or a portion of the remaining unpaid assessment amount at any time during the 15-year period, without penalty.

The Township letter will provide an estimated payment schedule at an assumed interest rate, plus details on how to make the up-front payment if you choose to do so. Once the bonds are sold this summer, the Township will send a second letter that will include the payment schedule with the actual rate of interest.

The Township has recently established a deferred payment program for special assessments, under which residents experiencing financial hardship can apply for deferral of each annual assessment installment payment. Deferred payments will be due when the house is sold or the mortgage refinanced. Qualification for the program is based on annual income and asset levels, excluding the primary residence. The Township letter will include information on applying for deferral under this program.

Questions on the deferred payment program, financing or payments of the Roads assessments should be directed to the Bloomfield Township Treasurer’s office. 248-433-7705.