ALTOONA – Rep. Lou Schmitt (R-Blair) and Sen. Judy Ward (R-30) announced today that the Altoona Water Authority will receive a low-interest loan through the Commonwealth’s Pennsylvania Infrastructure Investment Authority (PENNVEST) for a much-needed improvement project.
“This loan will assist the local authority with its goal of completing a project to improve infrastructure in our city,” Schmitt said. “Rather than a handout, this is a loan, which will be paid in a full, with an interest rate that will decrease costs for consumers.”
The project covered by the loan will consist of replacing approximately 6,500 feet of existing 12-inch cast iron waterline with 12-inch ductile iron mechanical joint pipe.
“This PENNVEST funding will allow us to replace lower-class pipe that has been plagued by repeated breaks causing road damage,” said Mark Perry, the Altoona Water Authority General Manager. “We have worked cooperatively with PennDOT on the timing of the Goods Lane road improvement project so that these water lines are replaced before that project occurs.”
The $2.1 million loan is at 1% interest rate for first five years and then 1.743% for the remainder of the life of the loan, which is 20 years total.
“The Altoona Water Authority takes great pride in the distribution of high-quality water throughout Blair County, and this funding will enable them to continue to reliably deliver water to their local customers,” Ward said.
Founded in 1988, PENNVEST provides low-interest loans and grants to communities and citizens of Pennsylvania for sewer, storm water and drinking water projects, as well as other worthy projects.
For more information on Schmitt and his legislative priorities, please visit RepLouSchmitt.com
Representative Lou Schmitt
79th Legislative District
Pennsylvania House of Representatives
Media Contact: Greg Gross