Current through Register Vol. XLI, No. 45, November 8, 2024
Section 64-49-8 - Disadvantaged Communities8.1. Thirty percent (30%) of the federal capitalization grant shall be dedicated to the funding of projects for disadvantaged communities.8.2. The subsidy options for assistance to disadvantaged communities shall be described in the annual intended use plan. Options include the following: 8.2.a. Principal forgiveness or other incentive agreed upon between the borrower and the division within the U. S. Environmental Protection Agency guidelines; and8.2.b. Extended loan terms. The normal loan from the drinking water treatment revolving fund is twenty (20) years, but in the case of a system defined as a disadvantaged community the State may provide extended loan terms, up to thirty (30) years. The loan terms may not exceed the expected design life of the project.