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Illinois Ag News Headlines |
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Illinois EPA Invests Over $75 Million in Wastewater, Drinking Water Projects
Illinois Ag Connection - 02/02/2023
The Illinois Environmental Protection Agency (Illinois EPA) announced the issuance of $75,867,318 in water infrastructure loans to local governments and water districts for the second quarter of Fiscal Year 2023 (October – December 2022). The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. The majority of the loans qualified for a total of $13,160,681 in loan forgiveness, providing additional benefits to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
"In the first half of fiscal year 2023, Illinois EPA has already invested nearly $146 million in our state's drinking water and wastewater infrastructure," said Director John J. Kim. "These projects represent our ongoing commitment to provide the essential funding needed for infrastructure improvements that are crucial for safe and reliable drinking water and wastewater treatment for Illinois residents."
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. Both programs provide funding at a low interest rate of just 1.24 percent for FY23. 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.
For more information about Illinois EPA's SRF, visit https://bit.ly/3kWqllH.
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