PRESS RELEASE
For Immediate Release: October 23, 2025
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $100,000 Drinking Water State Revolving Fund (DWSRF) loan with 100% principal forgiveness (i.e. a grant) to the Prudence Park Water Association for the installation of new pressure tanks and a new flow meter. Prudence Park Water Association is a small, non-profit public drinking water system located on the west side of Prudence Island. The system serves 15 service connections and supports a seasonal population of about 100 residents. Operated by a volunteer board of five members, the Association provides the only source of year-round potable water for households in the Prudence Park community.
“Many of Rhode Island’s smaller water systems, like the Prudence Park Water Association, do not have the financial resources needed to implement expensive system upgrades on their own,” said Bill Fazioli, Executive Director of Rhode Island Infrastructure Bank. “That is why we are pleased to provide this $100,000 Drinking Water State Revolving Fund loan, which thanks to 100% principal forgiveness acts as a grant, to the Prudence Park Water Association to implement new pressure tanks and a flow meter. Upgrades that will help ensure the Association is compliant with state standards and able to serve the approximately 100 residents who rely on the system for safe drinking water.”
“With just 100 people it is very challenging for the Prudence Park Water Association to afford the many upgrades required to modernize our system,” said Board Chair Edward O’Rourke. “We want to thank the team at the Rhode Island Infrastructure Bank for working with us and for providing this $100,000 grant that will allow us to make necessary upgrades so we can continue to provide safe drinking water to residents who rely on our system.”
“This funding makes resources available to small public water systems, like the Prudence Park Water Association, for important infrastructure improvements that improve drinking water quality and protect public health,” said Director of Health Jerry Larkin, MD. “We are pleased to announce the award of this loan with our partners at the Rhode Island Infrastructure Bank.”
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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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