Governor Kathy Hochul announced that the Environmental Facilities Corporation Board of Directors has approved $41 million in funding, including low-cost loans and previously awarded grants, allowing recipients to access these funds from loans and grants and to advance their water and sewer infrastructure projects.
The Board also approved leveraged bond financing of $879 million to provide capital for various wastewater and drinking water projects for the New York City Municipal Water Finance Authority (NYCMWFA) and to repay certain bonds. previous. Reimbursing bond sales allows EFC’s municipal partners to realize additional savings by refinancing the original bonds that funded their projects at an even lower interest rate. The transaction is expected to save New York taxpayers $18 million over the next 10 years.
“New York State is steadfast in its commitment to providing communities with the resources needed to upgrade water and sewer systems,” Governor Hochul said. “These essential projects will help protect the health and safety of residents, the environment and quality of life as we work together to help residents in all corners of the state have access to safe, clean water and reliable sewage services.”
Environmental Facilities Corporation President and CEO Maureen A. Coleman said: “Today’s announcement highlights EFC’s proactive approach to maximizing resources and stretching dollars for water infrastructure investments. New York one of the most efficient and effective in the country.The agreement will free up capital to support additional infrastructure projects while providing interest rate relief to one of our largest borrowers. Governor Hochul’s commitment to clean water has been demonstrated once again in her executive budget with unprecedented public funding for clean water infrastructure We must also ensure that we maintain the high standard of the federal state clean water. Revolving funds the state receives. That’s why it’s critical that our city partners participate in the Clean Watershed Needs Survey that opens next month. . »
Department of Environmental Conservation (DEC) Commissioner and EFC Board Chair Basil Seggos said: “Governor Hochul recognizes the challenges municipalities face in accessing resources to make needed improvements to local water infrastructure. New York State is making generational investments to help communities across the country. to address long-standing needs to upgrade and improve aging water infrastructure New York’s Clean Water and State Revolving Funds for Drinking Water, along with grants Under the Water Infrastructure Improvement Act, provide municipalities with the necessary funding to carry out these essential projects that protect public health and the environment.
New York State Health Commissioner Dr. Mary T. Bassett said: “New York’s significant fiscal commitment to improving source water quality and drinking water statewide is demonstrated in the wastewater and drinking water projects funded here today. The impact of these needed improvements will be measured on overall public health for years to come, and I urge eligible communities to take advantage of this assistance.
Board approval includes funding through the Clean Water State Revolving Fund (“CWSRF”) and Drinking Water State Revolving Fund (“DWSRF”) and grants under the Water Infrastructure Improvement Act (WIIA). Visit EFCs website to find out more about financing possibilities for water infrastructure.
Municipal participation in the Environmental Protection Agency’s (EPA) Clean Watershed Needs Survey (CWNS) beginning in March is critical as it impacts the amount of federal funding for the CWSRF which will be allocated to the State of New York to finance future drinking water infrastructure projects. Municipalities will be invited to submit documentation of their community’s wastewater treatment infrastructure needs to EFC for submission to the EPA.
Clean Water Project Funding Approved:
- Village of East Syracuse in Onondaga County – WIIA grant of $87,156 and $1,009,052 in long-term interest-free financing for the second phase of a seepage/influx correction and overflow mitigation project sanitary sewers.
- Village of Franklinville in Cattaraugus County – $5,050,000 in interest-free, short-term financing for sewage treatment facility and collection system upgrades.
- New York City Municipal Water Financing Authority – $284,783,326 in long-term leveraged financing to design and construct various combined sewer overflow, water collection system improvement projects wastewater and treatment plant.
- Suffolk County – WIIA grant of $4,644,642 and $3,400,000 in short-term, market-rate financing to plan, design, and manage construction of the Suffolk County Coastal Resilience Initiative to sewer plots currently using on-site systems in the Carlls River and Forge River watersheds
- City of Troy in Rensselaer County – $1,825,000 CWSRF grant and $6,179,184 in interest-free short-term funding for the design and construction of combined sewer overflow reduction projects in the city, and in support of the Albany Pool Combined Sewer Overflow Long-Term Control Plan.
- Village of Williamsville in Erie County – $1,612,500 WIIA grant for sewer collection system upgrades.
- City of Yorkshire in the County of Cattaraugus – WIIA grant of $1,285,000, $963,750 in short-term interest-free financing and $2,891,250 in short-term market-rate financing to plan, design and build the district of Sewers of Yorkshire Corners.
Financing of the drinking water project approved:
- City of Cairo in Greene County – $1,607,457 in interest-free long-term financing to develop additional groundwater source capacity; improve the Park Well site and existing finished water storage tank, upgrade the distribution system and install new water meters and meter reading equipment.
- Town of Crawford in Orange County – WIIA grant of $2,311,680, $711,329 in interest-free short-term financing and $1,422,658 in market-rate short-term financing for the construction of two production wells and a water treatment building, and the installation of approximately 6,100 linear feet of water main to connect the treatment facility to the distribution system.
- New York City Municipal Water Financing Authority – $150,000,000 in long-term leveraged financing for the design and construction of the Croton Water Filtration Plant and associated facilities.
- Village of Nyack in Rockland County – $3,000,000 WIIA grant to replace approximately 13,000 linear feet of water main.
- Oyster Bay Water District in Nassau County – $286,000 Intermunicipal Grant (IMG) for an emergency interconnection between the Oyster Bay Water District and the Locust Valley Water District.
- Westchester Joint Water Works in Westchester County – IMG$3,200,000 to construct a new ultraviolet disinfection facility at the Rye Lake Pumping Station.
Governor Hochul’s Executive Budget for fiscal year 2023 proposes more than half a billion dollars in direct investments in clean water initiatives, including:
- $500 million in funding for clean water infrastructure, bringing the state’s total investment in clean water to $4.5 billion since 2017
- $400 million – a record level of funding for the Environmental Protection Fund (EPF) – to support critical projects that aim to mitigate the effects of climate change, improve agricultural resources, protect water sources water, advance conservation efforts and provide recreational opportunities.
- $4 billion for the landmark Environmental Bond Act for clean water, clean air and green jobs. If approved by voters this fall, this historic initiative will provide the support New York State needs to restore critical environmental habitats; reduce the risk of flooding; retain additional land and open space; protect and improve our water resources; and invest in climate change mitigation projects that will reduce pollution and carbon emissions.