The Disaster Relief Emergency Financing Program (Statewide Assistance Infrastructure Loan ("SAIL") Program), is a short-term financing program that provides temporary bridge loans for environmental infrastructure projects in advance of federal relief grant reimbursements (e.g. Federal Emergency Management Act (FEMA) or Housing and Urban Development Community Development Block Grants (HUD-CDBG)). SAIL is designed to provide ready cash to communities impacted by a declared disaster alleviating financial stress that may result from delays in the receipt of federal reimbursements. SAIL also provides compliance support for many local communities neither equipped nor experienced in dealing with FEMA or HUD requirements.
SAIL provides quick access to temporary, low-cost, short-term bridge loans in the aftermath of a declared disaster to address immediate cash flow needs for disaster related water infrastructure projects. SAIL Loans can be for local match requirement and/or in anticipation of reimbursement through federal grant programs such as the FEMA and HUD-CDBG.
SAIL loans are currently structured at 0-25% of the I-Bank's AAA market rate interest and are intended to be in place for the duration of construction. Amounts not reimbursed by the federal grant program are incorporated into a long-term financing program package.
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