PORTSMOUTH – The Rhode Island Infrastructure Bank has approved a second round of funding to allow the town of Portsmouth to support loans to residents for repair and replacement of septic systems.
The funding is through the Community Septic System Loan Program, which provides low-interest financing to homeowners for the repair or replacement of substandard septic systems, or the replacement of cesspools, which are being phased out in Rhode Island.
Portsmouth has received a $300,000 line of credit through the program. To date, the infrastructure bank has closed on seven loans, totaling over $123,000 to Portsmouth residents through the program, and another seven loans are pending.
Since the program’s inception, more than $13 million has been distributed to communities statewide. For homeowners to access a program loan, municipalities have to participate in the program.
In addition to Portsmouth, the following towns and cities in Rhode Island are participating: Bristol, Hopkinton, New Shoreham, South Kingstown, Charlestown, Jamestown, North Kingstown, Tiverton, Coventry, Johnston, Warren, Glocester, Narragansett, Scituate and Westerly.
