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DEQ awards $2 million to Oden View Estates Improvement Association, Inc.

May 14, 2024

Contact: MaryAnna Peavey, Grants and Loans Bureau Chief,  

BOISE – The Idaho Department of Environmental Quality (DEQ) today announced the award of a $2 million low-interest drinking water construction loan to Oden View Estates Improvement Association Inc. in Bonner County, Idaho.

The funding will be used to add a new water source, replace some of the current distribution system, add water meters and pressure-reducing valve stations, and install a standby generator.

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 1.5% of the median household income, Oden View Estates Improvement Association Inc. qualifies for a disadvantaged loan, which carries favorable repayment terms.

The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the United States Environmental Protection Agency, carries a simple 1.75% interest rate, is payable over 30 years, and has $1,745,000 in principal forgiveness. The favorable loan terms represent a $1,860,031 savings to the community when compared to average costs for municipal general obligation debt issuances.

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