Nashua refinances 13 loans, saves $2 million
“This is significant,” said Paul Heirtzler, administrator of the state’s Wastewater Engineering Bureau.
When city officials were preparing to refinance the loans, which total about $28.3 million, they asked whether DES could handle the refinancing.
While there are a few states that do allow their State Revolving Funds to personally refinance loans, including New Hampshire, no communities in New England have ever taken advantage of that opportunity, Heirtzler said.
The city will be saving $2.24 million over a 17-year period, and the majority of the savings will be seen in fiscal year 2015 through fiscal year 2021, Fredette said in an email.
While a lot of research went into making the refinancing possible, Heirtzler said it is clearly permitted, and other municipalities are investigating their options. The communities of Portsmouth, Concord and Durham have already expressed interest, and Heirtzler said he is in the process of reviewing their portfolios.
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