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Three Local Communities Land Low-Income Loans For Water Quality Projects

Three local communities have been awarded low-interest State Revolving Fund loans for their identified water quality projects. The city of Manning has borrowed $5,313 and Westside $12,725. The community of Grand Junction has taken on the biggest loan at $65,456. The Iowa Finance Authority and the Iowa Department of Natural Resources (DNR) say these are three of 22 Iowa communities who will save more than $1.6 million in interest over the life of their loans, with interest rates dropped from three percent to one and three quarters percent. There are two different water quality funds, one for drinking water and another for wastewater and pollution control. To date, they have funded projects in 600 Iowa communities. “The State Revolving Loan Fund is a win/win for Iowa communities,” says Chuck Gipp, Iowa DNR director. “This program is a successful partnership between state and local governments and we are proud to play a role in not only assisting communities in completing water quality projects, but also helping them realize substantial savings.”

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