Summit Lake homeowners informed of loan terms

HARDYSTON — The homeowners in Summit Lake were mailed certified letters inviting them to meet with the township's Special Assessment Commission.

The homeowners were informed that they have 15 years to pay back the loan. The payments will be due on the first of the month with a 10-day grace period. This would be in addition to the homeowner’s mortgage.

The township was required to co-sign a loan with the Homeowners Association of Summit Lake for repairs to the Summit Lake Dam. The associaction applied to the state Department of Environmental Protection for a low-interest loan at 2 percent for 15 years. The loan was approved, but required township financing. The loan is the responsibility of the Homeowner's Association, not the township taxpayers.