WOONSOCKET – The Rhode Island Infrastructure Bank closed on a $990,000 fully forgivable loan that will allow the town to replace private lead and galvanized water service lines at no cost to homeowners, the infrastructure bank announced July 15.
The financing, provided through the bank’s Drinking Water State Revolving Fund program in partnership with the R.I. Department of Health, will fund the replacement of approximately 75 confirmed lead and galvanized service lines, along with additional lines whose material has yet to be identified.
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The Rhode Island Infrastructure Bank, the state’s financing agency for municipal, business and residential infrastructure projects, said the loan carries 100% principal forgiveness, effectively making it a grant.
Funding was provided through the federal Infrastructure Investment and Jobs Act.
“This $990,000 fully forgiven loan will allow the Woonsocket Water Division to continue its work replacing lead pipes from residents’ homes and the city’s drinking water system,” infrastructure bank Executive Director William Fazioli said in a statement.
Mayor Christopher Beauchamp said replacing private-side service lines is often a significant expense for homeowners, and the financing allows the city to complete the work without passing costs on to residents.
The project is part of Rhode Island’s broader effort to use federal infrastructure funding to remove lead service lines and modernize drinking water systems statewide.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
