Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 15 - Septic and Sewer
Part 4 - Sewer Tie-In Loan Fund Policies and Procedures (830-RICR-10-15-4)
Section 830-RICR-10-15-4.3 - Financial Assistance

Universal Citation: 830 RI Code of Rules 10 15 4.3

Current through September 18, 2024

A. These Loan Policies and Procedures govern the provision of financial assistance to local governmental units to administer a program of sewer tie-ins for existing properties in their community. The STILF is a source of funds to provide subsequent loans to property owners to connect their properties to the local sewer system and abandon their individual septic systems or cesspools.

B. The Bank and the local governmental unit will establish a relationship to be evidenced by a loan agreement to provide financing for property owners within the local governmental unit to connect their properties to the local sewer system and abandon their individual septic systems or cesspools. Rhode Island Housing and Mortgage Financing Corporation (RI Housing), or any other entity as selected by the Bank, or its successor, will be the loan servicer (the "Servicer") on the subsequent property owners loans. The Servicer will:

1. accept applications from property owners;

2. coordinate payments to sewer tie-in contractors/vendors;

3. collect repayments from property owners;

4. credit the property owners' repayments to the principal repayment obligation of the local governmental unit; and

5. make monthly reports to both the Bank and the local governmental unit.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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