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 $600,000 loan to the Town of Tiverton that will allow the community to continue making 0% interest loans to qualifying homeowners to repair or replace failing septic systems and cesspools. The loan is being made through the Infrastructure Bank’s Community Septic System Loan Program.
“We know that replacements of septic systems or cesspools can put an enormous financial burden on residents, and that’s why we’re pleased to make this $600,000 loan available to Tiverton so they can continue their 0% interest loan program so homeowners can repair or replace these systems,” said Bill Fazioli, Executive Director of the Infrastructure Bank. “These funds will help homeowners and also improve the environment as failing septic systems can discharge raw sewage into the environment, causing serious environmental and public health concerns.”
“On behalf of the Town of Tiverton, I want to thank the Infrastructure Bank for providing this $600,000 community septic system loan,” said Christopher Cotta, Town Administrator. “Using these funds, we will be able to continue our 0% interest loan program so eligible homeowners can repair or replace failing septic systems. That’s a win for Tiverton homeowners and for protecting our environment.”
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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