HARRISBURG –State Rep. Barry Jozwiak (R-Berks)announced the Pennsylvania Infrastructure Investment Authority (PENNVEST) Board of Directors today at a virtual meeting approved a $3.5 million low-interest loan to help Fleetwood Borough improve its municipal water system.
“I’m pleased to announce this important investment in the health and well-being of Fleetwood Borough residents,” Jozwiak said. “Families and businesses rely on municipal water service to meet their everyday needs. Clean water is essential to the life and vibrancy of a community.”
The low-interest loan will be used to help pay for a new 8,250-foot-long waterline consisting of 6-inch ductile iron and cement-lined piping.
The 20-year loan will have an adjusting interest rate. During the first five years of the loan, the interest rate will be 1.107%. For the rest of the term of the loan, the interest rate will be 1.861%.
PENNVEST is an independent state agency created in 1988 through a state law adopted by the Legislature and signed by the governor. The agency’s purpose is to support infrastructure improvements by providing low-interest loans and some grants to owners and operators of water, sewer and stormwater systems.
Since it’s inception, PENNVEST has approved more than 3,000 projects totaling more than $9 billion, leading to the creation of more than 300,000 construction jobs and nearly 80,000 permanent jobs.
“We assume when we turn on the faucet that water will come out, but that only happens if we continue to invest in the infrastructure that makes it possible,” Jozwiak said. “This investment should help ensure Fleetwood Borough residents will have access to and continue receiving consistent and reliable water service.”
More information about Jozwiak is available on his website at RepJozwiak.com
or by following him on Facebook at Facebook.com/RepJozwiak
Representative Barry Jozwiak
5th Legislative District
Pennsylvania House of Representatives
Media Contact: Dan Massing