Haverhill Housing Policies Net the City State Interest Rate Cut on Water and Sewer Project Loans

Construction taking place along Howard Street. (Courtesy photograph.)

Haverhill’s housing policies are being rewarded with an interest rate cut on its water and sewer project borrowing.

The city was among 113 projects to share in $819 million in state low-interest-rate loans and grants this week from Gov. Charlie Baker’s administration. The money is geared to projects designed to improve water quality, upgrade or replace aging drinking water and wastewater infrastructure and cut treatment plant energy use and costs.

“These loans and grants provide critical assistance to Massachusetts cities and towns in order to replace or upgrade deteriorating water infrastructure,” said Baker. “By investing these funds today, we can leave a better environment and a clean energy future for the next generation.”

The Commonwealth is offering to reduce the State Revolving Fund borrowing rate from 2% to 1.5% for communities that support the Housing Choice Initiative, including Haverhill, Lawrence and Andover. The initiative “rewards communities that are producing new housing and have adopted best practices to promote sustainable housing development,” according to the state.

Haverhill drinking water projects include $10.2 million in transmission main improvements and sewer projects include $6.5 million in sewer system improvements. Other area projects include Methuen’s $250,000 stormwater asset management planning, Lawrence’s $3 million Tower Hill water transmission main and $2.6 million sewer and drainage system improvements, and Andover’s $17 million Columbia Gas disaster-related water main improvements and $8.4 million for other water main work.

“Lt. Gov. Karyn Polito added, “These projects strengthen the partnerships forged between the Commonwealth and local officials as we work together to protect the environment and public health.”

State Treasurer Deborah B. Goldberg, chair of the Clean Water Trust, explained the program offers below market rate financing for water quality projects throughout Massachusetts.”

Comments are closed.