Illinois EPA Invests Over $182 Million in Wastewater and Drinking Water Projects in Third Quarter of FY22
SPRINGFIELD – The Illinois Environmental Protection Agency (Illinois EPA) is announcing the issuance of $182,222,203 in water infrastructure loans to local governments and sanitary districts for the third quarter of Fiscal Year 2022 (January – March 2022). The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans, which fund wastewater, stormwater, and drinking water projects. Twenty (20) of the thirty-three (33) loans qualified for a total of $8,571,149.62 in Disadvantaged Community Principal Forgiveness, providing additional benefits to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate. These projects are in addition to more than $9.6 million of funding and principal forgiveness already announced for lead service line replacement projects issued by Illinois EPA in the third quarter.
“Through our robust State Revolving Fund, Illinois EPA continues to meet the needs of communities and water districts that rely on this funding to address the ongoing challenges of deteriorating infrastructure,” said Director John J. Kim. “The Illinois EPA remains committed to assisting loan recipients, especially disadvantaged communities, with funding that will address their wastewater and drinking water needs while protecting public health and the environment.”
Illinois EPA’s SRF includes two loan programs, the Water Pollution Control Loan Program (WPCLP) which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program (PWSLP) for drinking water projects. The programs receive federal capitalization funding annually, which is combined with state matching funds, interest earnings, repayment money, and the sale of bonds, to form the source of financing for these infrastructure projects. The state matching funds for FY2020-2024 are being provided through Governor Pritzker’s bipartisan Rebuild Illinois Capital Plan thus increasing the funding capacity of both loan programs.
Projects funded in FY22 receive an interest rate of just 1.11% for both wastewater and drinking water loans. A complete list of FY22 third quarter loan recipients is attached. For more information about Illinois EPA’s SRF, visit https://www2.illinois.gov/epa/topics/grants-loans/state-revolving-fund/Pages/default.aspx.
You must be logged in to post a comment.