R.I. Infrastructure Bank Provides Westerly With $250,000 In Sewer Tie In Loan Program Financing

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 $250,000 loan to allow the Town of Westerly to offer 0% interest, 5-year loans to eligible homes to tie into the Town’s sewer system and abandon outdated septic and cesspool systems.

“Transitioning from old septic tanks and cesspools is an important step to improving our environment, but the cost for homeowners to tie into local sewer systems can be prohibitively expensive,” said Infrastructure Bank Executive Director William Fazioli. “That is why we are pleased to provide this $250,000 in Sewer Tie-In Loan Fund financing to the Town of Westerly so they can offer 0% interest loans to eligible homeowners to connect to the Town’s sewer system. This is a win-win, with improvements for Westerly homeowners and the environment.”

Westerly Town Manager Shawn Lacey commented, “We want to thank the team at Rhode Island Infrastructure Bank for working with us on this $250,000 in financing to allow us to launch our new 0% interest sewer tie-in loan program. Using these funds, we will be helping Westerly homes transition away from old septic tanks and cesspools and tie into our sewer system, which improve the health of our environment.”

Westerly’s 0% interest sewer tie-in loan program will include a fee of 1% of the outstanding balance of the homeowners’ loan and a $300 loan origination fee.

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