Program Overview
The Clean Water State Revolving Fund (CWSRF) is a program through which local governmentalunits, quasi-public agencies, and private entities can access affordable, long-term financing for the completion of wastewater, stormwater and other water pollution abatement projects.
How it Works
- Loans made through the CWSRF may be repaid over a period of up to 20 years and can be structured to meet the repayment abilities unique to each borrower
- Interest is subsidized at 33% below the borrower’s market rate
- Projects are awarded financing based on their ranking on the Department of Environmental
- Management’s Project Priority List, readiness to proceed and subject to credit approval and the availability of funds
- Borrowers will work directly with RIIB and DEM to complete project and financing applications
The Infrastructure Bank provides approved borrowers with a discounted interest rate – currently 33% off the borrower’s market rate. The Rhode Island Department of Environmental Management (DEM) is the Infrastructure Bank’s regulatory partner for the CWSRF. For a project to be eligible for financing, it must first be placed on DEM’s Project Priority List (PPL), which is produced at least once annually based on transparent scoring criteria, and receive a Certificate of Approval from DEM. Interested borrowers should contact our staff to discuss the potential project. Projects are awarded financing based on their ranking on the PPL, readiness to proceed, and availability of funds. Since the inception of the CWSRF, the Infrastructure Bank has provided $1.3 billion in loans to Rhode Island communities, Narragansett Bay Commission, Providence Water Supply Board and Rhode Island Airport Corporation.
Complimentary Programs
Facility Plan Loan Program
Program Overview
The Facility Plan Loan Program (FPLP) provides financing to local governmental units for the completion of water pollution abatement project facility plans, and amendments or updates to such plans. These facility plans are a prerequisite for projects seeking to receive financing through the Clean Water State Revolving Fund (CWSRF). Borrowers can receive up to $150,000 in financing for a loan term of up to three years at a below-market fixed interest rate.
Water Quality Protection Charge
Program Overview
The Water Quality Protection Charge (WQPC) program makes funds available to public drinking water suppliers to complete projects that protect sources of drinking water. Eligible projects include the purchase of watershed lands, property surveys and appraisals, water supply system management plans, and other physical improvements that directly protect the quality and safety of public drinking water supplies. Applications for funds must first be submitted to the Rhode Island Water Resources Board, which verifies project eligibility, and then a written request for funds can be submitted to the Infrastructure Bank.
