The LIR Scheme encourages councils across NSW to focus on the maintenance and renewal of important existing infrastructure assets. The scheme provides councils with a subsidy in interest costs that make it affordable to take out bank loans to fund local infrastructure projects.
The third round of the LIR scheme provides councils with a 3% interest subsidy on bank loans for up to 10 years. The scheme is part of the NSW Government’s commitment to address a $7.4 billion infrastructure backlog, first identified in mid-2012.
Deputy Premier Andrew Stoner said the scheme is vital to the success of the government’s Rebuilding NSW initiative.
“The NSW Government is committed to rebuilding NSW and in order to achieve this, we need a strong local government sector with the infrastructure to match,” Mr Stoner said.
He added, “I am pleased to reveal that round three of the scheme will provide funding to an additional 31 vitally important community projects worth a total of $148 million across 31 Local Government Areas”.
“Funding for these successful applications will provide local communities in both regional NSW and metropolitan Sydney with upgraded roads and bridges, better community halls and libraries, parks, sporting fields and water facilities.”