Municipal Infrastructure Grants Awarded to Central Falls, New Shoreham, Burrillville & Glocester Projects

This month, we were pleased to award a total of $1 million in Municipal Infrastructure Grant Program funding to the communities of Central Falls, New Shoreham, Burrillville, and Glocester. This is the first round of awards made under this new grant program.

Utilizing this funding, Central Falls will develop 47 new affordable apartments and commercial space, New Shoreham will build workforce housing for year-round residents, Burrillville will install a new sewer line to unlock new residential and commercial development in a key area for the town, and Glocester will complete a public drinking water feasibility study for the village of Chepachet.

Infrastructure is essential to Rhode Island’s cities and towns and the Municipal Infrastructure Grant Program is another tool in our toolbox to assist our municipal partners in fostering economic development.

The Municipal Infrastructure Grant Program was established to provide competitive grants to municipalities statewide to complete key infrastructure projects that accelerate affordable housing and economic development, with recipients required to provide a local match of at least 25%.

Infrastructure Bank Joins With Providence Water and Senators Reed & Whitehouse to Highlight Funding For Lead Pipe Replacements

On August 15th, we joined with Providence Water and Senators Jack Reed and Sheldon Whitehouse to highlight significant federal funding for the replacement of lead service lines.

Senators Reed and Whitehouse recently secured a $3.3 million earmark for lead pipe replacements. In addition, Rhode Island is also slated to receive $377 million for drinking water improvements, including lead pipe replacements and PFAS remediation, from the bipartisan Infrastructure Investment and Jobs Act, which President Biden signed into law in 2021. An estimated $141 million of this federal funding is projected to be available over the next five years to water suppliers across Rhode Island for lead service line replacements.

The event was held at 405 Potters Avenue in Providence, where Providence Water is currently replacing private side lead service lines, at no cost to customers.

The Infrastructure Bank is proud to partner with Providence Water and Rhode Island's other water suppliers to address the issue of lead at customers taps. With these federal funds, we will be able to make major progress addressing this important infrastructure and public health issue.

Pascoag Utility District Opens Rhode Island’s First Utility Scale Battery Storage System

Earlier this month, we joined with the Pascoag Utility District, the Governor's office, and the Office of Energy Resources to cut the ribbon on Rhode Island's first utility scale battery storage facility. The new battery system will improve reliability for the utility's 5,000 customers during peak demand periods.

The Infrastructure Bank is proud to have made this innovative project more affordable by providing below market rate financing via a $1.4 million loan through our Efficient Buildings Fund.

Click here to watch our video case study about this project.

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Infrastructure Bank In The News

Four RI projects gain Infrastructure Bank awards, Providence Business First

The Rhode Island Infrastructure Bank has awarded a combined $1 million to help boost projects in Central Falls, New Shoreham, Burrillville and Glocester. The Municipal Infrastructure Grant Program provides competitive grants for cities and towns to complete key projects that accelerate affordable housing and economic development. Recipients must provide a local match of at least 25%.

“Infrastructure is essential to Rhode Island’s cities and towns and the Municipal Infrastructure Grant Program is another tool in our toolbox to assist our municipal partners in fostering economic development,” said Infrastructure Bank CEO Jeffrey R. Diehl.

Providence Water gets $3.3M more in federal grant money to replace lead service lines, Providence Journal

The earmark comes on top of the $6.4 million in money from the U.S. Environmental Protection Agency that is already being used to replace lead water pipes for free in the neighborhoods around Washington Park and Charles Street in Providence. The areas were selected for the program because they are considered economically disadvantaged by the state, according to Providence Water general manager Ricky Caruolo . . .

Replacing the private side has been more difficult. There are still about 25,000 private lead service lines that are still in use. In 2017, Providence Water partnered with the Rhode Island Infrastructure Bank to create a zero-interest loan program to help customers pay for new private lines. Two years ago, the utility extended the term of the loan from three years to 10.

State officials visit Pascoag to celebrate opening of RI’s first utility-scale battery storage, NRI Now

Gov. Dan McKee, Pascoag Utility District and the Rhode Island Office of Energy Resources announced the official opening of Rhode Island’s first utility scale battery storage facility this week . . . 

“The Pascoag Utility District is leading the way with this first in Rhode Island utility scale battery storage facility that will improve reliability for their customers during peak demand periods,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “Rhode Island Infrastructure Bank is proud to have made this innovate project more affordable by providing below market rate financing via a $1.4 million loan through the Efficient Buildings Fund.”

R.I. Infrastructure Bank finances $122M in grants, loans in FY 22, Providence Business News

The Rhode Island Infrastructure Bank financed more than $122 million in low-interest loans and grants in fiscal year 2022 . . . Funded projects also created more than 3,000 jobs, according to the company.

State promotes C-PACE program for energy upgrade financing, Providence Business First

With utility bills on the rise, the Rhode Island Infrastructure Bank is reminding commercial and industrial property owners of a state-sponsored financing mechanism that can amortize the cost of energy upgrades and even potentially generate positive cash flow.