HOW IT WORKS
Rhode Island Infrastructure Bank makes loans of up to $150,000 to the sewer system owner. The system owner then directs the STILF funds to individual homeowners through RIHousing. Upon notification by the sewer system owner that the individual property owner qualifies for the local tie-in program, RIHousing will process the loan applications, cut checks to the vendors and process loan repayments.
Participating Communities
- Coventry
-
East Providence
-
North Smithfield
- Tiverton
- Warwick
Loan Terms
- Maximum loan amount: $10,000, with a term of up to five years
- Most other loan terms are the same as the CSSLP
- Funding is released to the homeowner when RIHousing receives a Certificate of Compliance after the work is completed
- Cost to properly abandon the existing septic system (pumping out its contents and filling it with sand) is also STILF-eligible
Loan Terms
- Maximum loan amount: $10,000, with a term of up to five years
- Most other loan terms are the same as the CSSLP
- Funding is released to the homeowner when RIHousing receives a Certificate of Compliance after the work is completed
- Cost to properly abandon the existing septic system (pumping out its contents and filling it with sand) is also STILF-eligible
Loan Activity
- 49 loans closed for a total of $197,782
- Average loan amount: $3,552
- Monthly payment for a $4,000 loan with a 5-year term would be $68
