New York announces $5.1M financing for CSO project
On August 5, New York officials announced that the state’s Environmental Facilities Corporation has approved $5.1 million in long-term, interest-free financing for the planning, design and construction of a sewer overflow improvement project in the City of Amsterdam in Montgomery County.
This announcement comes as part of a wider $47 million financing for general water infrastructure through grants, interest-free loans and low-cost loans.
"It is more important than ever that we continue to invest in our water infrastructure and help ensure clean water for New York residents," Governor Andrew Cuomo said. "With this funding we are supporting environmentally-friendly projects that will improve water quality and protect public health across this great state."
EFC financings can provide cost savings through lower interest rates and reduced issuance costs. Several of the financings approved today began with EFC Engineering Planning Grants to help communities jump start their work early on with funding for initial planning. EFC additionally offers technical project assistance that may not be available from other financial institutions.
The funds includes financing through the Clean Water State Revolving Fund (CWSRF) and Drinking Water State Revolving Fund (DWSRF) and grants pursuant to the Water Infrastructure Improvement Act (WIIA).
The CWSRF and the DWSRF are the EFC's core funding programs. With its partner DEC, EFC is responsible for the operation and administration of the CWSRF. The CWSRF allows EFC to provide interest-free or low-interest rate financing and grants to support a variety of eligible water quality improvement projects. EFC similarly operates and administers the DWSRF, with its partner DOH, provide interest-free or low-interest rate financing and grants for drinking water infrastructure projects.
