Tell Your DPW the Great News on Stormwater SRF – 20% Principal Forgiveness!

If you have been waiting for the right moment to work with your Dept. of Public Works on installing a BMP or restoring a problem area or buffer or some other water quality related project, now is the time to act.  NH Municipalities can not only receive great low interest loans for stormwater and NPS but they don’t have to pay back 20% of it!  This has never been offered before.   

NH State Revolving Fund (SRF) applications for stormwater and nonpoint source projects  are now eligible for a minimum of 20% principal forgiveness in 2014.  For example, a town applying for a $1 million loan to address a stormwater infrastructure or nonpoint source problem would only pay back a maximum of $800,000 at below market interest rates.  The remaining $200,000, or more, would be forgiven – basically a grant! Additional principal forgiveness could be available depending on the volume of successful applications. 

There is an additional bonus for using SRF funds for stormwater.  Not only do you receive low-interest loans and 20% principal forgiveness, but unlike wastewater projects, costs associated with stormwater and NPS projects may be lower because they are not required to follow the Davis-Bacon wage rate.

The very simple Pre-applications are due June 27.  But you have to put one in to be eligible.

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