Illinois Environmental Protection Agency (Illinois EPA) Director John J. Kim is announcing the issuance of more than $571 million in water infrastructure loans to local governments and water districts for the fourth quarter of Fiscal Year 2023. The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. More than $53 million in loan forgiveness was also provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate. In total for fiscal year 2023, Illinois EPA issued over $803 million in low-interest loans for water infrastructure. In addition to the SRF loans, Illinois provided nearly $54 million in funding for lead service line replacement over the last 12 months.
“Clean water is a right—not a privilege. And here in Illinois, we are utilizing every resource at our disposal to ensure our communities have the modernized and safe water infrastructure they deserve,” said Governor JB Pritzker.
“Thanks to my administration’s bipartisan Rebuild Illinois Capital Plan, we’ve increased state funding for the Illinois EPA’s Water Pollution Control Loan Program and Public Water Supply Loan Program—providing low-interest loans for wastewater, stormwater, and drinking water projects, all while creating and supporting good-paying jobs. Here’s to a cleaner and more sustainable future for all Illinoisans—no matter their zip code.”
“In Illinois, we are working to ensure families and communities have access to clean water because it is a matter of justice,” said Lt. Gov. Juliana Stratton. “With these investments from the Illinois Environmental Protection Agency, we will continue to build on sustainable solutions that address the critical needs of Illinoisans, so they have the resources to live and be well in every corner of our state.”
“The Illinois EPA’s robust State Revolving Fund allows us to provide communities with the essential funding needed to upgrade, repair, or replace aging water infrastructure,” said Director John J. Kim. “This funding represents clean drinking water for Illinois residents, technology to reduce environmental impacts from stormwater and wastewater, and the creation of good paying local jobs.”
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 State FY23. 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. The state matching funds for State FY2020-2024 are being provided through Governor Pritzker’s bipartisan Rebuild Illinois Capital Plan thus increasing the funding capacity of both loan programs.
Source: https://www.illinois.gov/
Image courtesy: Wikipedia
