Following last week’s freezing temperatures, many communities across Illinois are grappling with massive spikes in natural gas prices, with some being forced to pay 100 times their normal costs. For some of the affected communities, this will likely mean monthly natural gas bills that are substantially higher than what they would normally pay for an entire year.
To help alleviate the immediate financial crisis, the Illinois Finance Authority (IFA) is launching a $15 million low-interest loan program. Loans will be made available to affected municipalities with an annual interest rate of 1%. The IFA met on Thursday to approve the creation of the program, and officials are still finalizing details including the application and documentation for applicants.