PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on two loans to finance drinking water infrastructure upgrades in the City of Woonsocket; a $5,000,000 Drinking Water State Revolving Fund loan, with $2 million in principal forgiveness (e.g. a grant) for water meter replacements, and a $525,000 Drinking Water State Revolving Fund loan, with $505,000 in principal forgiveness for replacing lead service lines. Funding for these loans was made available through the Bipartisan Infrastructure Law, passed by Congress in November 2021.
“There’s nothing more basic to our City’s residents and businesses than clean drinking water, and thanks to these loans we’ll be making major investments to upgrade Woonsocket’s drinking water infrastructure,” said Mayor Christopher Beauchamp. “We will be installing, at no cost to residents, new ‘smart water meters’ that can detect leaks and provide customers with important information about how to better conserve water. We’ll also be removing public and private side lead services from our system, addressing an important public health issue. Utilizing the Infrastructure Bank’s below market rates, Woonsocket will save more than $600,000 in interest costs over the course of the loan. We want to thank Governor McKee, the Infrastructure Bank team, and our Congressional Delegation for helping Woonsocket access these funds for investments in our City’s drinking water infrastructure.”
“Rhode Island Infrastructure Bank is pleased to make $5.5 million in financing available to the City of Woonsocket so they can invest in modernizing their drinking water infrastructure,” said William Fazioli, Executive Director of Rhode Island Infrastructure Bank. “When Rhode Islanders turn the faucet, they take for granted that safe drinking water is available. However, behind that everyday occurrence is billions of dollars in drinking water infrastructure that needs to be maintained. Thanks to funding from the Bipartisan Infrastructure Law, our State Drinking Water Revolving Fund will be making loans and grants, like this one, to communities across the state to maintain and modernize their drinking water infrastructure. That’s a win for residents, businesses, our cities and towns, and for Rhode Island’s economy.”
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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