Fitchburg Receives State Loan Forgiveness
Fitchburg is among 14 Massachusetts cities and towns to receive need-based forgiveness grants for loans issued for water infrastructure projects.
Twenty grants totaling $6 million were awarded to the communities, which applied on a competitive basis, according to a release from state Treasurer Steven Grossman.
The recipients were found to be in most need of financial assistance associated with loans issued by the Massachusetts Water Pollution Abatement Trust (MWPAT) for infrastructure improvement projects, according to Grossman. Fitchburg received about $541,676 in forgiveness on two loans worth about $13 million, according to MWPAT.
Fitchburg and other cities and towns will see their bi-annual loan payments reduced as a result of the grants, which will free up cash for other capital needs, Grossman said.
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