HYANNIS – The Cape Cod and Islands Water Protection Fund management board is taking action to stabilize the account.
The C&I Water Protection Fund was started in 2018 to benefit sewer and water quality projects through a 2.75-percent excise tax on traditional lodging and short-term rentals. Earlier this year, it ran over $100 million above-budget.
The Cape Cod Commission says at a meeting last Friday, the management board voted to adopt a new model for providing subsidies, which cover 25-percent of the project cost. Disbursements will shift from a “principal forgiveness” model to one which provides a portion of the subsidy over the term of the loan.
Cape Cod Commission executive director Kristy Senatori says the fund has been challenged by the number of projects that are being implemented across the region, but she believes the solution approved by the board will help it going forward.
“It’s a great model of success. The fund has really helped garner community support for these water quality projects, and it’s resulted in significant action,” says Senatori.
Senatori says since the fund’s inception, there have been over $200 million dollars in subsidies awarded for wastewater projects across the Cape. The Water Protection Fund’s 2024 Intended Use Plan includes the largest amount in a single year since the fund was developed: nearly $300 million.
For a full list of subsidies, click here.
By Jim McCabe, CapeCod.com NewsCenter
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