The funding comes by way of the Bank’s
Community Septic System Loan Program (CSSLP). CSSLP allows residential property
owners that are not connected to sewers to access low-interest financing that
can be used to repair or replace substandard septic systems or to replace cesspools
with septic systems. These repairs improve the environment, keep properties
in compliance with the law, and can increase property values.
“The CSSLP loan program funded by Rhode Island Infrastructure Bank
has proven to be an invaluable tool for Portsmouth residents who need to
replace a cesspool or other substandard or failing septic system,” stated
Portsmouth Town Administrator Richard Rainer. “By making low interest rate
loans available, Rhode Island Infrastructure Bank is helping to make
Portsmouth’s Wastewater Management District program a success.”
Since the program’s inception in 1999, Rhode Island Infrastructure
Bank has loaned more than $13 million to 16 communities across the state. To
date, these funds have been used to close 670 unique loans across the
participating cities and towns.
“I welcome the Town of Portsmouth’s continued utilization of the
CSSLP program – it is an invaluable resource for Rhode Islanders seeking to
remediate cesspools or repair septic systems,” said Jeffrey Diehl, CEO of Rhode
Island Infrastructure Bank. “We encourage residents of participating
municipalities to take advantage of this low-cost financing opportunity and
urge other municipal leaders to consider participating in the program.”
Before residents can access CSSLP
financing, municipalities must be participants in the program. To participate, cities
and towns must first complete an On-Site Wastewater Management Plan approved by
the Department of Environmental Management (DEM) and be placed on the Project
Priority List. Once approved, municipalities may apply to RIIB for funding that
can be used to offer financing to residents. Homeowners living in participating
municipalities may access financing through their city or town government.
Click here for more information about how your community can utilize CSSLP.
