A very generous state “loan” program will help towns and cities clean up their water supplies.
“The DWSRF and CWSRF loans are geared towards affordability, with interest and administrative fees as low as 0% and very generous loan principal forgiveness. Of the $146M available, approximately $40 million will go toward loan principal forgiveness for projects, which means that many communities may only have to pay back a portion of their project costs. “If a community takes out a $5 million loan to rebuild their water treatment plant through DWSRF, they would receive 75% loan forgiveness on the first $1M and 25% on the rest, meaning $1.75M would be forgiven. If they meet disadvantaged criteria, they could get another $2M forgiven. They get a $5M project for only $1.25M, which they can pay back over as many as 40 years,” said Terisa Thomas, DEC’s Water Finance Program Manager.”
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