polybuteline pipe replacement
I am a stay at home mom of 2 boys, ages 3 and 4. We live in moderate income affordable housing in a condo unit. It has recently come to our attention that all the polybuteline pipes that were installed when the developement was built 18 years ago are decaying and in need of immediate replacement. The cost of this renovation will be $5000 per household. This was unexpected and will truly bring great financial hardship to my family. A class action lawsuit was not an option due to statute of limitations. We were given the option of either paying the $5000 up front or participating in a 10 year loan program at 7% interest. The payments would be $60 per month brining the entire cost up to almost $7000 ! I am at my wit's end and in dire need of advice. Paying up front would deplete a very large part of our savings. Does anyone know of any resources that might be available to help defer some of this cost?
Also, the Fair Market (not affordable housing units) will be paying almost the same amount as "Affordable" units.
I live in a great community and feel blessed to be here, but this has me a wreck.
Thanks so much!