PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on two loans to finance drinking water infrastructure upgrades in the City of Woonsocket; a $5,000,000 Drinking Water State Revolving Fund loan, with $2 million in principal forgiveness (e.g. a grant) for water meter replacements, and a $525,000 Drinking Water State Revolving Fund loan, with $505,000 in principal forgiveness for replacing lead service lines. Funding for these loans was made available through the Bipartisan Infrastructure Law, passed by Congress in November 2021.
“There’s nothing more basic to our City’s residents and businesses than clean drinking water, and thanks to these loans we’ll be making major investments to upgrade Woonsocket’s drinking water infrastructure,”
“Rhode Island Infrastructure Bank is pleased to make $5.5 million in financing available to the City of Woonsocket so they can invest in modernizing their drinking water infrastructure,”
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