Local councils, including the Port Macquarie-Hastings, are being encouraged to apply for interest subsidised loans under the Infrastructure Renewal Scheme which opened last week.
Under the scheme, the NSWGovernment will pay the first four per cent of the interest on significant loans that councils take out to pay for maintenance infrastructure projects.
Nationals Member for Port Macquarie, Leslie Williams said, “This is great news for our local councils.
“I know that Port Macquarie-Hastings Council and Greater Taree City Councils have been waiting for these applications to open and will now be applying for the loan interest subsidies.
“Under the scheme, councils can apply for significant loans of at least one million dollars for maintenance infrastructure including roads, community halls, libraries, paths, parks, sporting fields and water facilities.
“I regularly speak with our local councils and they both have significant infrastructure backlogs. This scheme will greatly help them to reduce that backlog,” Mrs Williams said.
“You only have to drive around our area to see that councils are struggling to keep up with their maintenance programs, while at the same time providing new infrastructure such as footpaths. Between them, Greater Taree City Council and Port Macquarie-Hastings Council have a $375 million backlog of infrastructure. This scheme will assist councils in addressing that backlog as well as creating a capacity to undertake additional works.
“For years councils have been under pressure to find ways to stretch their funding dollars. This scheme will go a long way to achieving that. The scheme will also assist councils on matters such as better use of debt funding, exploring various borrowing options and each council’s borrowing capacity,” Mrs Williams said.
Applications for the Infrastructure Renewal Scheme must be lodged by March 30.
