Home & Garden
Program Offers Homeowners Interest-Free Loans For Septic Repairs
The RI Infrastructure Bank has announced the third round of funding for the project, which has benefitted 76 Portsmouth residents so far.
PORTSMOUTH, RI — The Rhode Island Infrastructure Bank announced a third round of funding to help Portsmouth residents pay for cesspool remediation and septic system repairs. The program, known as the Community Septic System Loan Program, offers residents zero-percent financing to upgrade their septic systems and close cesspools, the organization said.
Over the past three years, the program has committed $3.6 million to Portsmouth, and 76 residents have taken part. Across the state, 850 residents have used the program so far, the organization continued.
Residents can borrow up to $25,000 to fund their projects, with no interest. A $300 loan origination fee is required, along with a one percent servicing fee annually, which may be slightly different in some communities. The funds can be used for both engineering and construction costs.
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Currently, the following communities are involved in the program:
- Bristol
- Charlestown
- Coventry
- Glocester
- Hopkinton
- Jamestown
- Johnston
- Narragansett
- New Shoreham
- North Kingstown
- Portsmouth
- Richmond
- Scituate
- South Kingstown
- Tiverton
- Warren
- Westerly
To take part, residents are encouraged to reach out to town officials for an application. More information is available on the Infrastructure Bank's website.
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