Rhode Island Infrastructure Bank has announced $350,000 in financing to support drinking water improvements at the Four Seasons Mobile Home Cooperative Association (Four Seasons) in Tiverton, R.I. Financing was made possible through the Infrastructure Bank’s Drinking Water State Revolving Fund (DWSRF). The principal forgiveness loan will empower Four Seasons to improve the safety and quality of residents’ drinking water without compromising the co-op’s finances.
“The Infrastructure Bank is committed to financing projects that bring clean water to residents. To date, we have invested nearly $500 million in small and large drinking water projects in communities across Rhode Island,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank in a prepared statement. “We are excited to help the Four Seasons community make long-term improvements to their drinking water system.”
Burdened by years of malfunctions, the community’s water system was at its most vulnerable during extreme weather events. Four Seasons will install an entirely new distribution system, pump house and back-up generator. Upgrading the drinking water system will prevent water lines from freezing during the winter which has happened frequently over the past winters. These systems improvements enhance the system’s future functionality, reliability and resiliency. Residents no longer have to choose between their own personal safety and running water.
“Working with the Infrastructure Bank to upgrade our co-op’s water system has truly been a pleasure. Without the Bank’s principal forgiveness loan, we never would have been able to secure adequate funding to complete this vital project,” Nancy Brayton, president of the Four Seasons Mobile Home Cooperative Association in a prepared statement.“The Four Seasons community is primarily retirees on fixed incomes, which limits our ability to invest in and modernize our utility systems. The Bank’s borrower friendly terms and technical expertise ensured that we could afford to implement resilient and sustainable improvements.”