PBN: Rhode Island Infrastructure Bank Finances Drinking-Water Improvements
Rhode Island Infrastructure Bank finances drinking-water improvements
By Scott Blake
January 22, 2019 4:10 am
PROVIDENCE – Rhode Island Infrastructure Bank is providing $350,000 in financing for drinking-water system improvements at the Four Seasons Mobile Home Cooperative Association in Tiverton, the Providence-based bank announced.
The financing was made possible through the bank’s Drinking Water State Revolving Fund. The principal “forgiveness” loan will allow Four Seasons to improve the safety and quality of residents’ drinking water without compromising the cooperative’s finances, the bank said.
“The Infrastructure Bank is committed to financing projects that bring clean water to residents,” said Infrastructure Bank CEO Jeffrey Diehl. “To date, we have invested nearly $500 million in small and large drinking-water projects in communities across Rhode Island. We are excited to help the Four Seasons community make long-term improvements to their drinking-water system.”
“Without the bank’s principal forgiveness loan, we never would have been able to secure adequate funding to complete this vital project,” said Nancy Brayton, the cooperative association’s president. “The Four Seasons community is primarily retirees on fixed incomes, which limits our ability to invest in and modernize our utility systems.”
The bank operates as Rhode Island’s hub for financing infrastructure improvements for municipalities, businesses and homeowners. It was created by the state General Assembly in 1989 as the Clean Water Finance Agency. But it’s mandate was expanded in 2015 to include energy and brownfield remediation initiatives.