PROVIDENCE, R.I. – Rhode Island Infrastructure Bank is applauding the Governor and General Assembly for funding several infrastructure priorities in the FY 2024 state budget including:
$5.5 million for the Municipal Infrastructure Grant Program (MIGP) – Originally created by the General Assembly in 2021, the MIGP has awarded $3.5 million in grant funding to 9 cities and towns across the state. This funding included in the FY23 supplemental budget is for the Bank to establish a Municipal Matching Grant Pool of funds to assist cities and towns in providing the local match for federal funding opportunities under the federal Bipartisan Infrastructure Law.
$28.5 million in state matching funds for the Clean Water State Revolving Fund and Drinking Water State Revolving Fund – Thanks to the federal Bipartisan Infrastructure Law, Rhode Island’s Clean Water State Revolving Fund and Drinking Water State Revolving Fund are set to receive nearly $400 million in federal funding over the next several years. The $28.5 million included in the FY 2024 budget is the required state match to unlock a portion of these federal funds.
$4.3 million for support infrastructure necessary for affordable housing development – Rhode Island Infrastructure Bank will work in coordination with the Rhode Island Department of Housing to provide funding to cities and towns to support the infrastructure necessary to support affordable housing development, such as road and utility infrastructure.
“We thank Governor McKee, Speaker Shekarchi, and Senate President Ruggerio for prioritizing key infrastructure investments in this year’s state budget,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “From assisting our city and town partners in completing local projects, to unlocking hundreds of millions in federal funding for clean and drinking water projects across the state, to making sure local infrastructure can support the development of new affordable housing projects, these are smart investments that will benefit our communities, residents, businesses, and the environment.”
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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