NY Governor announces $428 million for water infrastructure improvement projects
Governor Kathy Hochul announced the Environmental Facilities Corporation Board of Directors approved over $428 million in financial assistance for water infrastructure improvement projects across New York State. The Board's approval authorizes municipal access to low-cost financing and previously announced grants to get shovels in the ground for critical water and sewer infrastructure projects, including treatment processes to remove emerging contaminants from drinking water and improvements that will modernize aging systems.
“Properly functioning water systems are crucial to New Yorkers’ quality of life – from the water flowing from taps to the numerous lakes and streams that provide amazing recreational opportunities,” Governor Hochul said. “These grants and low-interest loans help protect public health and the environment, reduce pressure on communities to raise funds quickly for essential upgrades, and minimize the financial impact of these crucial projects on local ratepayers.”
EFC’s Board approved grants and financings to local governments from the Clean Water and Drinking Water State Revolving Funds – a mix of federal and state dollars dedicated to financing community water infrastructure projects. The State Revolving Funds provide financing at below-market rates, empowering communities to undertake critical sewer and wastewater projects at a much lower cost than traditional financing. Funding from the federal Bipartisan Infrastructure Law for water and sewer infrastructure is administered by EFC through the State Revolving Funds.
The Board additionally approved grants already announced pursuant to the state’s Water Infrastructure Improvement program. Leveraging federal funding with the state’s investments allows local communities to invest in system improvements that safeguard public health, protect the environment, bolster communities’ resiliency, and promote economic development.
“The $428 million announced today is a significant investment in New York’s communities and environment,” said Environmental Facilities Corporation President & CEO Maureen A. Coleman. “The State Revolving Funds and state water grants are proven programs that help communities meet their present water infrastructure needs and plan for long-term success.”
Board approval is a critical step in the funding process. It allows communities to close a project funding agreement and access these dollars for project implementation.
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