BOSTON — State Treasurer Deb Goldberg, Chair of the Massachusetts Clean Water Trust, today announced more than $6.7 million in loan principal forgiveness for 13 communities statewide. The principal forgiveness funds, administered by the state and funded by the federal government, were awarded on a competitive basis to cities and towns most in need of financial assistance associated with loan payments to the Massachusetts Clean Water Trust. The funds will be used for financing improvements to drinking water and wastewater infrastructure.
“The Clean Water Trust delivers a critical service to our municipalities by financing water infrastructure projects," said Treasurer Goldberg. "Improving water quality presents a range of both public health and economic benefits for the citizens and communities we represent."
The Massachusetts Clean Water Trust improves the water quality in the Commonwealth through the provision of low-cost capital financing to cities, towns, and other eligible entities, and maintains stewardship of public funds with prudence, professionalism, and integrity. Because of the reduction of loan principal funded by this program, impacted communities will see their bi-annual loan payments reduced, freeing up capital for other local needs. The loans were originated to pay for municipal water projects such as upgrades to water treatment facilities and storm water and sewer improvement projects.
“By providing access to low cost capital, the Clean Water Trust enables communities to make much needed investments in this critical, yet often forgotten infrastructure,” said Undersecretary for the Executive Office for Administration and Finance and designee to the Clean Water Trust Board of Trustees, Rachel Madden. “I look forward to working with the Treasurer’s Office, the Department of Environmental Protection and all other members of the Clean Water Trust on similar projects in the future.”
“This state revolving fund principal forgiveness will help these communities save millions of dollars, allowing local officials to keep water and sewer rates lower,” said Commissioner Martin Suuberg of the Massachusetts Department of Environmental Protection, which is a member of the Clean Water Trust. “These savings are achieved while we increase the protection of our natural resources and the public health.”
The $6.7 million in loan forgiveness funds is associated with a total original loan amount of over $190 million. The Massachusetts Clean Water Trust lends financial assistance to the Commonwealth under the State Revolving Fund program by providing subsidized loans to cities and towns for clean water and drinking water infrastructure development. Since its establishment in 1989, the Trust has loaned approximately $6 billion to improve and maintain the quality of water in the Commonwealth. An estimated 97 percent of Massachusetts’ citizens have benefited from the financial assistance of the Clean Water Trust.
See here for a list of communities and loans impacted by the grants (PDF).