PROVIDENCE, R.I. – Governor Dan McKee and Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, today announced the opening of the Municipal Matching Funds Pool through the Bank’s Municipal Infrastructure Grant Program, and encouraged local cities and towns to submit applications. The $5.5 million in available funds are dedicated to providing municipalities with matching funds required to unlock federal Bipartisan Infrastructure Law funding for eligible infrastructure projects.
“Rhode Island’s cities and towns are eager to access federal Bipartisan Infrastructure Law funding for a whole range of infrastructure projects,” said Governor Dan McKee. “To unlock these federal funds, our municipalities have to put up a local match that can be up to 20% of the total project, which our communities have said they typically cannot afford. As a former Mayor, I understand these budget constraints. That’s why I dedicated $5.5 million to the Municipal Infrastructure Grant Program to create the Municipal Matching Funds Pool. This pool will provide municipalities with the funds they need to meet the local match required by the federal government. We’re encouraging all of our cities and towns to submit applications to the Infrastructure Bank, and to be bold in their plans to invest in and upgrade critical infrastructure.”
“As a former Mayor, Governor McKee listened to Rhode Island’s municipalities and delivered for them,” said William J. Fazioli, Executive Director of Rhode Island Infrastructure Bank. “We’re excited to open the Municipal Matching Funds Pool through our Municipal Infrastructure Grant Program to help municipalities meet local match requirements to unlock millions of dollars in federal funds for critical infrastructure projects. We thank Governor McKee and the General Assembly for their leadership on this issue, and for including $5.5 million in the FY 2024 state budget to help our city and town partners access significant federal infrastructure funding opportunities.”
Applications will be accepted and reviewed on a rolling basis. Municipalities may request up to $1 million per application in funding through the program.
About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
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