Funds will help cities and towns pay for improvements to drinking water and wastewater infrastructure
BOSTON — State Treasurer Deb Goldberg, Chair of the Massachusetts Clean Water Trust, today announced more than $6.7 million in loan principal forgiveness for 19 projects in 16 communities statewide. The principle forgiveness funds are administered on a competitive basis to cities and towns most in need of financial assistance to help pay for improvements to drinking water and wastewater infrastructure.
“Providing these funds to local communities will save the rate payers money and also protect the health of the citizens and the environment,” said Treasurer Goldberg. “This $6.7 million is in addition to the $2 million we recently approved to test for lead in the schools, and is another example of the excellent work the Trust does saving our local communities money.”
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. Because of the reduction of loan principal funded by this program, impacted communities will see their bi-annual loan repayments 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.
The communities that earned loan principal forgiveness are: Lynn, Revere, Saugus, Norwood, Quincy, Worcester, Brockton, Gardner, Falmouth, New Bedford, Eastham, Fall River, Plainville, Chicopee, Great Barrington, and Greater Lawrence.
“Massachusetts has chosen to direct these federal SRF funds to water infrastructure projects that are being constructed in some of the lowest income communities in the state,” said Commissioner Martin Suuberg of the Massachusetts Department of Environmental Protection (MassDEP), a member of the Clean Water Trust. “These are communities where the funds will provide the most benefit in helping residents afford clean and safe drinking water.”
The $6.7 million in loan forgiveness funds is associated with a total original loan amount of more than $185 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 more than $6.6 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. A list of communities and loans impacted by the grants is attached.