Illinois loans $66M to water infrastructure projects
The Illinois Environmental Protection Agency (Illinois EPA) has announced the investment of over $66 million through water infrastructure loans for the first half of Fiscal Year 2024 (July through December 2023).
Of the $66 million for water infrastructure loans, $56,430,601 will support clean water infrastructure projects.
The water infrastructure loan funding will support local governments and water districts through the State Revolving Fund (SRF) Program. The SRF Program provides low-interest loans to fund wastewater, stormwater and drinking water projects. More than $4.6 million in loan forgiveness was provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
"Through our State Revolving Fund, Illinois EPA works in partnership with our communities to provide crucial funding to help ensure clean water and a healthier environment," said Illinois EPA director John Kim. "These programs enable communities in Illinois to take significant steps to update or replace outdated and failing water infrastructure."
Illinois EPA's SRF includes two loan programs, the Water Pollution Control Loan Program which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program for drinking water projects. Both programs provide funding at a low interest rate of just 1.81 percent for State FY24.
These SRF programs receive federal capitalization funding annually, which is combined with state matching funds, interest earnings, repayment money, and periodic bond sale proceeds, to form the source of financing for these infrastructure projects.
A complete list of FY24 first and second quarter loan recipients is provided below: