Lee, TDEC Announce $3.9 Million in Loans for Huntland Water Improvements
Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced two loans totaling $3,925,000 for the City of Huntland to improve water infrastructure.
The loans for Huntland are among six approved by the Tennessee Local Development Authority, with a loan for the Town of Caryville and the Caryville-Jacksboro Utilities Commission for $493,000 and three loans for the Metropolitan Government of Nashville and Davidson County totaling $44.1 million, making the overall total loans announced today $48.5 million.
“Loans from this program address important infrastructure needs in communities across Tennessee,” Lee said. “We look forward to the improvements this assistance will bring.”
“These loans enhance quality of life,” Salyers said. “We are pleased we can provide this help, which should have a big impact in these communities.”
The loans for Huntland are for $2,925,000 and $1 million and come from the Clean Water State Revolving Fund Loan Program. They will address the wastewater treatment system, including a collection system to serve customers on failing septic systems. Each loan has a 30-year term at .32 percent interest, but the $1 million loan comes with principal forgiveness.
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $37,374,000 in drinking water loans and $150,479,900 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2019, TDEC awarded $13,345,300 in drinking water loans and $83,324,500 in clean water loans for a total of $96,669,800.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.