NSW Local Infrastructure Renewal Scheme opens
The New South Wales Government has announced that the state’s councils can now apply for subsidies offered under the $70 million Local Infrastructure Renewal Scheme, which will aim to assist councils to pay for the upgrade and maintenance of infrastructure.
The five-year plan, which was announced in the state Budget, will pay the first 4% of the interest on significant loans that councils take out specifically to pay for the maintenance of infrastructure projects such as roads, community halls, libraries, paths, parks, sports fields and water facilities.
State Minister for Local Government Don Page said that millions of dollars in interest subsidies offered under the scheme is expected to unlock between $750 million and $1 billion in infrastructure spending by NSW councils.
“The Local Infrastructure Renewal Scheme is a key aspect of the NSW Government’s Local Infrastructure Backlog Policy and will help NSW councils get on with the task of reducing the vast backlog of infrastructure projects in their communities,” Mr Page said.
“The Scheme provides interest subsidies to councils to help cover borrowing costs on the loans required to tackle the infrastructure backlog – so, rather than councils carrying the burden of interest payments alone, the NSW Government will pay the first 4% of the interest of the loan.”
Councils must register their interest in taking advantage of the Local Infrastructure Renewal Scheme with the Division of Local Government, after which the Division will email the electronic application form and all guidelines to interested councils.
Councils will be required to fill in their electronic application forms and have their finances assessed by NSW Treasury Corporation (TCorp).
Councils must lodge their completed applications for assistance under the Local Infrastructure Renewal Scheme with the Division by Friday, March 30.
Mr Page said once the application deadline for councils closes on March 30, an Assessment Panel will review councils’ applications for borrowing assistance under the Local Infrastructure Renewal Scheme.
“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,” Mr Page said.
More information on the Local Infrastructure Renewal Scheme will be available from the Division of Local Government and at their website, www.dlg.nsw.gov.au.