Banks Suspend Granting Mortgages in Hoosick Falls
The Bank of Bennington and the Trustco Bank in Hoosick Falls have suspended granting new mortgages due to the area being contaminated with toxic chemicals.
Trustco Bank’s treasurer Kevin Timmons, who confirmed the report, says that before lenders can finance home, the property normally must have access to potable water. A standard test for potability includes testing for e-coli and other contaminants, but now perfluorooctanoic acid (PFOA) must be added to the list, which is the chemical that has been found at dangerous levels in Hoosick Falls’ water supply.
For the homes that are not on the public water supply, the bank requires that their private wells are tested before issuing their mortgage.
A temporary filtration system that will work to remove majority of the PFOA from the village’s water supply is set to be in place by the end of February. This system, along with the permanent filtration system anticipated to be completed in October, are being funded by Saint-Gobain.
Trustco and the Bank of Bennington have claimed that they will resume granting mortgages once the filtration system is in place and the public water supply is safe for cooking and drinking.
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Residents of Hoosick Falls and other communities who believe they may have been impacted are encouraged to contact us and complete a water contamination contact form.