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EPA Announces $500 Million Loan to Modernise Wastewater and Drinking Water Infrastructure in New Jersey

This is the first loan EPA is issuing through its new SWIFIA program.

WD News: The U.S. Environmental Protection Agency (EPA) has announced a $500 million loan to the New Jersey Infrastructure Bank to modernise wastewater and drinking water systems serving over 10 million people throughout New Jersey.

This is the first loan issued through the State Infrastructure Financing Authority Water Infrastructure Finance and Innovation Act (SWIFIA) program, which provides loans exclusively to state infrastructure financing authority borrowers, commonly known as state revolving fund programs.

“With EPA’s low-interest WIFIA loan, New Jersey will invest in over 90 communities across the garden state and create about 16,000 jobs while saving approximately $62.5 million,” said Radhika Fox, Assistant Administrator for Water at EPA.

With EPA’s SWIFIA loan and funding from the New Jersey State Revolving Fund provided by the New Jersey Department of Environmental Protection, over 90 communities across the state will be able to implement critical water infrastructure projects – remediating contaminated groundwater, replacing lead service lines, and installing filtration systems to protect drinking water from PFAS contamination. These infrastructure investments will help communities maintain compliance with regulatory requirements, manage floods, and improve climate change resiliency.

“The EPA’s SWIFIA loan will further solidify New Jersey’s status as a national model for water infrastructure, which serves as the foundation for healthy communities,” said Phil Murphy, Governor of New Jersey.

“Rebuilding New Jersey’s aging water and wastewater infrastructure and expanding access to clean, safe water while creating good paying jobs is exactly the type of smart investment our communities and environment need,” said Bob Menendez, Senator.

“This historic infusion of federal funds will help New Jersey implement vital water infrastructure projects,” said Cory Booker, Senator.

The SWIFIA program loans allow state infrastructure finance authorities to offer additional low-cost financing to communities and accelerate important water infrastructure projects.

Source: EPA
Image courtesy: Pixabay

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