The Clean Water State Revolving Fund (CWSRF) is Rhode Island’s largest and most important water pollution abatement financing program. Through the program, municipalities and quasi-public agencies are able to access below-market interest rate loans for the completion of projects that mitigate water pollution.
Eligible projects include:
- construction and upgrade of wastewater collection systems and treatment facilities
- stormwater pollution prevention and treatment facilities
- nonpoint source pollution (e.g. stormwater) best management practices
- other water pollution abatement and water quality protection activities
The Infrastructure Bank provides approved borrowers with a discounted interest rate – currently 33% off the borrower’s market rate. The Rhode Island Department of Environmental Management (DEM) is the Infrastructure Bank’s regulatory partner for the CWSRF. For a project to be eligible for financing, it must first be placed on DEM’s Project Priority List (PPL), which is produced at least once annually based on transparent scoring criteria, and receive a Certificate of Approval from DEM. Projects are awarded financing based on their ranking on the PPL, readiness to proceed, and availability of funds. Since the inception of the CWSRF, the Infrastructure Bank has provided $1.3 billion in loans to Rhode Island communities, Narragansett Bay Commission, Providence Water Supply Board and Rhode Island Airport Corporation.
