PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on two loans totaling $950,000 to the Town of Tiverton ($450,000) and the Town of Jamestown ($500,000). These loans, made through the Infrastructure Bank’s Community Septic System Loan Program (CSSLP), will allow both communities to provide 0% interest loans to qualifying homeowners to repair or replace failing septic systems and cesspools.
“We recognize the financial strain that septic system or cesspool replacements can impose on homeowners,”
The CSSLP program provides low-cost, long-term financing to residential property owners for the repair or replacement of failed or substandard septic systems, or to upgrade a cesspool to a modern septic system. Borrowers typically benefit from interest-free loans with a ten-year repayment term, paying only a one-time origination fee and a small annual servicing charge. 19 communities currently participate in CSSLP: Bristol, Charlestown, Coventry, Cranston, Glocester, Hopkinton, Jamestown, Johnston, Narragansett, New Shoreham, North Kingstown, Portsmouth, Richmond, Scituate, Smithfield, South Kingstown, Tiverton, Warren, Westerly.
Tiverton and Jamestown homeowners interested in CSSLP financing should contact their respective town halls for more information and loan applications.