$340 million in funding approved for N.Y. water infrastructure projects
The Environmental Facilities Corporation (EFC) has approved $340 million in financial assistance for water infrastructure improvement projects across New York State, Governor Kathy Hochul announced.
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. These investments help make critical environmental infrastructure projects more affordable, sustainable, and manageable, reducing the need for higher rate increases to fund improvements.
“New York State is continuing its historic investments in clean water infrastructure because every New Yorker deserves access to safe, affordable drinking water,” Governor Hochul said. “This is not just an investment in our pipes and treatment plants; it is an investment in the health, well-being, and future of our communities. By working together with local governments, we are ensuring that critical water infrastructure projects move forward without placing an undue burden on taxpayers.”
The funding includes $250 million in subsidized financing for three critical drinking water projects in New York City. EFC is providing a $100 million loan for the Kensico-Eastview Connection project, the largest water-supply tunneling effort undertaken by the city in decades. The project will improve flexibility between vital water-supply facilities that serve more than 9 million people in New York City and Westchester County.
EFC approved grants 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. Today’s funding also includes over $22 million in grants already announced pursuant to the Water Infrastructure Improvement Program. EFC’s Board approval is a critical step in the funding process and will allow communities to access these funds for project implementation. Leveraging federal funding in conjunction with state investments maximizes the impact of each dollar spent, empowering local communities to make the critical system improvements they need to keep their residents safe.
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