Rhode Island Infrastructure Bank Invests Over $18 Million in Drinking Water Projects
PROVIDENCE, RI – Rhode Island Infrastructure Bank today announced $18.2 million in financing to support drinking water improvement projects for the Town of Burrillville, Town of Cumberland, Providence Water Supply Board, and the City of Woonsocket. Financing these projects through the Infrastructure Bank’s Drinking Water State Revolving Fund (DWSRF) will save approximately $1 million in interest expenses compared to if these entities had borrowed from other sources.
“The Infrastructure Bank is committed to assisting our State’s drinking water suppliers, large and small, meet their capital improvement needs,” said Jeff Diehl, CEO of Rhode Island Infrastructure Bank. “We are excited to be assisting local communities to improve the safety of their drinking water and protect the health of Rhode Islanders.”
The successful completion of this transaction means that the Infrastructure Bank has now invested more than $500 million in drinking water projects throughout Rhode Island.
Providence Water will receive a $1 million, interest-free loan that will significantly increase the amount of money available for their customers to replace lead services lines at individual properties. With these funds, Providence Water has established a new loan program, named “Lead Free is the Way to Be,” that provides interest-free loans with repayment terms of up to three years to help homeowners replace the lead service line that connects their property to the water main. Homeowners wishing to obtain more information should visit Providence Water’s website at www.provwater.com or contact Providence Water directly at 401-521-6303.
Over the past twenty years Providence Water has spent $55 million replacing public side lead service lines, and now the utility is helping homeowners replace their portion of the service line. “The 3-year 0% interest loan program is the just one of the many tools we’ve made available to help our customers detect and mitigate the presence of lead. We’re committed to helping homeowners to do their part to improve water quality while we’re hard at work doing everything we can on our end,” said Xaykham Khamsyvoravong, Providence Water Supply Board Chairman.
The City of Woonsocket received a $12.5 million loan to finance the initial stages of constructing a new drinking water treatment facility.
The Town of Burrillville received $700,000 to finance a water main upgrade that will improve service.
“We thank the Rhode Island Infrastructure Bank,” said Burrillville Town Manager Michael C. Wood. “The loan programs offered give cities and towns an affordable lower cost opportunity to make meaningful capital improvements for the health and safety of the residents we serve for important local projects.”
The Town of Cumberland received $4,000,000 to complete upgrades to their drinking water distribution system.
“It’s been a pleasure to work together with the team at Rhode Island Infrastructure Bank,” said Cumberland Mayor William Murray. “Their valuable expertise and financial support has allowed the Town of Cumberland to continue with the upgrading our drinking water distribution system for the future health of our residents.”