DEQ awards $1 million to Castle Mountain Creeks Owners’ Association
Monday, June 08, 2020
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $1 million low-interest drinking water construction loan to the Castle Mountain Creeks Owners’ Association located in Boise County, Idaho.
The funding will be used to replace the media in the sand filter and upgrade piping in the filter basin.
DEQ is authorized by state law to make loans to assist in the construction of public drinking water systems. Since the annual cost of drinking water service for residential customers exceeds one and one-half percent of the median household income, the Castle Mountain Creeks Owners’ Association 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 U.S. Environmental Protection Agency, carries a simple 1.75% interest rate, is payable over 30 years, and has a $2,849 principal forgiveness. The favorable loan terms represent a $334,612 savings to the community when compared to average costs for municipal general obligation debt issuances.