INTEREST-FREE LOANS FOR WASTEWATER PROJECTS

Assemblyman Steve Hawley (R,C,I-Batavia) announced that interest-free loans have become available for certain municipalities to make improvements to their wastewater infrastructure systems.  The availability of this cheaper funding for up to 30 years means smaller governments and towns in the district may now have the financial means to upgrade their infrastructure.

            “I am excited about the availability of these new zero-percent loans,” said Hawley.  “This is a case where a decision has the potential to positively impact communities and residents at the local level.  Many local governments in my district struggle to keep taxes low and finance community projects due to costly state mandates and rising healthcare costs.  These interest-free loans will hopefully absorb some of the financial stress placed on our local governments and allow them to finance long-term design and construction of more efficient wastewater infrastructure systems.  In doing so, we can employ local construction groups, protect the environment and allow for more efficient removal and purification of our resident’s wastewater.”

            Hawley’s comments come after The Environmental Facilities Corporation’s Board of Directors approved $288 million worth of zero-percent interest loans for wastewater infrastructure improvements Thursday.  The City of Olean and Village of Malone were the first to take advantage of the new loan funding. 

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