Federal funding will be used to complete needed improvements in the Town’s water distribution system.
INDIANAPOLIS, December 2021— The Town of New Chicago closed a low interest loan, in the amount of $3,345,000, through the Indiana Finance Authority’s DrinkingWater State Revolving Fund (SRF) Loan Program to finance improvements to the Town’s drinking water systems. By utilizing the SRF Loan Program instead of securing a traditional loan, New Chicago will save approximately $421,149 in interest costs over the life of the loan.
The SRF Loan Programs are administered by the Indiana Finance Authority with joint funding from the U.S. Environmental Protection Agency and the State of Indiana. The Town’s project will replace watermains that are nearing 70 years old and relocate water main to public right of way for ease of maintenance. The project will reduce water main breaks and ensure the Town is able to continue to provide consistent quantity and quality of water, and further protect the public health of residents and businesses in the New Chicago service area.
SRF Loan Programs operate in all States to provide the resources necessary to maintain and improve the infrastructure that protects our valuable water resources. Communities can getmore information about obtaining an SRF loan by contacting Stephanie McFarland at (317) 709-8728, firstname.lastname@example.org, or by visiting www.srf.in.gov.