Infrastructure Bank Announces More Than $3 Million In Financing & Loan Forgiveness For Small Drinking Water System Projects
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced more than $3 million in financing and loan forgiveness for safe drinking water upgrade projects for 5 small and community water system providers across the state. The projects are being financed via the Drinking Water State Revolving Fund (DWSRF) program, which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.
- $106,000 in DWSRF loan forgiveness to the Hog Island North Drinking Water System in Portsmouth for a water tank replacement.
- Up to $1 million in DWSRF loan forgiveness to Paige Associates in Coventry for storage tank, pumphouse, and distribution system upgrades.
- $195,000 in DWSRF loan forgiveness to the Pascoag Utility District in Burrillville for the replacement of public and private lead service lines.
- $936,721 in DWSRF loan forgiveness to the Charlestown Cedars in Charlestown for distribution system upgrades.
- $810,000 in DWSRF financing with up to $200,000 in loan forgiveness to the Foster-Glocester Regional School District for the South Booster Pump Station Project at Ponaganset High School.
"Rhode Island's many smaller water systems often lack the broad base of rate payers to finance needed, but often expensive, system upgrade projects on their own," said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. "That's why the Infrastructure Bank is pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state's smaller water system providers to make the investments needed to ensure the continued supply of safe drinking water."
Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island's public water systems.
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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