DEQ awards $1.4 million low-interest wastewater construction loan to Country Haven Utilities Association
Thursday, July 13, 2017
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $1.4 million low-interest wastewater construction loan to the Country Haven Utilities Association Inc. in Bingham County.
The funding will be used to rehabilitate and expand the evaporative lagoon, replace gravity sewer lines and three manholes, and add two new manholes.
DEQ is authorized by state law to make loans to assist in the construction of public wastewater systems. Since the annual cost of wastewater service for residential customers exceeds one and one-half percent of the median household income, the County Haven Utilities Association, Inc. is able to qualify for a disadvantaged loan, which carries very favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the Environmental Protection Agency, carries a simple 1.75% interest rate, is payable over 30 years, and has $562,472 of principal forgiveness. The favorable loan terms represent about a $1,339,448 in savings to the community when compared to average costs for municipal general obligation debt issuances.