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1 | Clean Water SRF Financial Terms, Conditions, Definitions, and Other Application Information Last Updated - 9/11/24 | |||||||||||||||||||||||||||
2 | State | Program Website and Information | Program | Rate Type | Rate Benchmark | Rate Structure | Loan Term | Condition for 30-Year Loan | Annual fee | Use of Fee | Predevelopment Submittals | Application Deadlines | Disadvantaged Community (DAC) Criteria and Principal Forgiveness (PF) Provisions | Eligible Borrowers | Eligible Project Expenses | Predevelopment and Set-Aside Notes | State Statutory or Regulatory Authority for Program | Program Intended Use Plan (IUP) Links for Base/Supplemental/Emerging Contaminants: | ||||||||||
3 | Alabama | https://adem.alabama.gov/programs/water/srf.cnt | CWSRF | variable | market rate | 1-1.5% lower than prevailing muni bond rate for 'AAA' rated localities | generally 20-year term; up to 30-year term available | loan term cannot exceed useful asset life of project; 30-year terms only under special circumstances | annual fee based on outstanding principal; not specifically listed | Fees used for administration of the CWSRF fund only | 1. Preliminary Engineering Report (PER) 2. Copies of last three (3) years of audited financials | None - rolling basis | Affordability Measure for Alabama calculated as sum of: (1) poverty rate value (poverty rate of the county served by the project minus the statewide poverty rate); (2) unemployment rate value (the unemployment rate of the county minus the statewide unemployment rate); and (3) if the statewide population has increased over the two most recent 10-year census estimates, the population trend value shall be 1; if it has decreased the population trend value shall be 2. Projects with an Affordability Measure of more than 10.0 are considered unaffordable. Additional subsidy will be provided in rank order to projects as determined by the Affordability Measure. Can also provide additional subsidies where projects are used to implement a process, material, technique, or technology to (1) address water-efficiency goals; (2) address energy-efficiency goals; (3) mitigate stormwater runoff; or (4) encourage sustainable project planning, design, and construction. | Any public body, including water boards, utilities, and municipalities | engineering, inspection, and construction costs eligible | Engineering costs are reimbursable through CWSRF loan | Chapter 335-11-1 - https://admincode.legislature.state.al.us/administrative-code/335-11-1-.01 | https://adem.alabama.gov/programs/water/srf.cnt | ||||||||||
4 | Alaska | https://dec.alaska.gov/water/technical-assistance/state-revolving-fund/ | CWSRF | formula | market rate | Bond Buyer's Municipal Bond Index - Bond rate less than 4%: 0.5% for <1-year, 1% 1-5-year, 1.5% 6-20-year, 2% 20-30-year; Bond rate greater than 4%: 0.5% <1-year, 1% + (0.5 x (bond rate - 4)) for 1-5-year, 1.5% + (0.625 x (bond rate -4)) for 6-20-year, 2% + (0.75 x (bond rate - 4)) for 20-30-year | <1-year to 30-year | none; variable rate for loan terms greater than 20 years | 0.5% of balance | Exclusively used for administrative costs (salaries, supplies, travel, professional service contracts); 4% administrative set-aside also used | 1. Attorney certification 2. Assembly/Council resolution 3. Lobbying certification (EPA 6600-06) 4. Disclosure of lobbying activities 5. Environmental Review Checklist 6. Engineer’s detailed construction cost estimate example 7. Useful Life Certification 8. Green Project Assessment 9. Technical, Managerial, Financial Capacity Worksheet 10. Cost and Effectiveness Assessment 11. Fiscal sustainability plan certification | Rolling basis with reviews conducted February 28, June 30, and October 31. | Several factors are considered to identify disadvantaged communities, including: household burden associated with income and the cost of water and wastewater service, socioeconomic factors including the percentage of households utilizing assistance programs, the percentage of households below the federal poverty level, unemployment rates, and long-term population trends in the community. Under the base grant, between 20% and 100% of the grant will be offered in the form of additional subsidy. Exactly 49% of any supplemental grant will be awarded as additional subsidy. "Additional subsidy" is loan forgiveness. | Alaskan municipalities and other qualified entities with wastewater, stormwater, and other eligible water quality infrastructure projects | planning, design, and construction-phase costs eligible | Short-term loans available for planning/design | 18 AAC 76 https://dec.alaska.gov/media/1056/18-aac-76.pdf | https://dec.alaska.gov/water/technical-assistance-and-financing/state-revolving-fund/intended-use-plans/ | ||||||||||
5 | Arizona | https://www.azwifa.gov/programs/funding-type/cwsrf | CWSRF | 70-95% | market rate | Formula to determine rate: Combined Interest and Fee Rate (CIFR; 70-95% of tax-exempt AAA MMD rate) - Fee (1.5%) = rate | up to 30 years | none; loans can have terms of up to 30 years, or the useful life of the project, whichever is shorter | 1.5% of balance | Match to federal grant through loan disbursements; administration of SRF program; technical assistance | 1. Project Identification 2. Screening Application 3. Debt Authorization 4. Project Finance Application | None - rolling basis | Applicant is a "disadvantaged community" if (1) the community is designated 'colonia' through the federal government; or (2) the community received 60 or more Local Fiscal Capacity points on the CWSRF PPL. Such communities will receive up to 40% of the Capitalization Grant as principal loan forgiveness. | Public jurisdictions including cities, towns, special districts, county improvement districts, sanitary districts, and tribal entities | planning, design, and construction-phase costs eligible | Loan funds eligible for planning and design | Ariz. Admin. Code R18-15-201 https://apps.azsos.gov/public_services/Title_18/18-15.pdf | https://azwifa.gov/component/content/article/26-public-notices-wifa/196-public-notice-sfy-2024?Itemid=226 | ||||||||||
6 | Arkansas | https://www.agriculture.arkansas.gov/natural-resources/divisions/water-development/ | CWSRF | tiered | fixed rate | random, 0% for 10-year, 0.75% for 20, 1.25% for thirty | 10-, 20-, 30-year | 1.5% rate for 30 year loans for regionalization, 0% interest for lead (and no fee) | 1% 'fee' included in all those loans which is separate from the 4% admin fee cap | Fees deposited in separate account for eligible program expenses | 1. WWAC Pre-Application 2. ANRC Funding Application and Current Signatory Authority Resolution 3. CWSRF Project Priority List Form | None - rolling basis | "Disadvantaged community" means: (1) the current utility rates or proposed utility rates for 4,000 gallons of water on an annual basis is at least 1.5% of the Median Household Income for the project area; or (2) if 51% of the customers who benefit from a project are either low or moderate income as defined by the US Department of Housing Developments' Community Block Grant Program and have 1.25% of Median Household Income. Principal loan forgiveness percentage varies, but ranges up to 49% for general grants and 100% for Emerging Contaminant grants. | Unclear - but eligible projects include those related to sewer services, stormwater projects, and non-point source projects | planning, design, and construction-phase costs eligible | Loan funds available for planning and design-phase activities; | 138-00-02 Ark. Code R. 1 https://casetext.com/regulation/arkansas-administrative-code/agency-138-arkansas-natural-resources-commission/rule-1380002-001-rules-governing-the-arkansas-clean-water-revolving-loan-fund-program | https://www.agriculture.arkansas.gov/natural-resources/divisions/water-development/ | ||||||||||
7 | California | https://www.waterboards.ca.gov/water_issues/programs/grants_loans/srf/ | CWSRF | 50% | market rate | 50% of rate obtained by State Treasurer for California's most recent GO bond sale; 25 basis point (.25%) reduction to standard rate for 20-year or less financing term | up to 30 years | 5-10 years for planning loans; lesser of 30 years or useful life of asset for construction | not available | Fees deposited in separate account for eligible program expenses; may also provide additional revenue to meet anticipated future demand; additional 4% set-aside from capitalization grants for administrative costs | 1. General information package 2. Technical Application Package 3. Environmental Package 4. Financial Security Package | None - rolling basis | "Disadvantaged communities" means "communities with MHI less than 60% or communities with less than 80% of the statewide MHI, respectively." PF amounts or percentages are unspecified but range up to 75%. | Publicly owned treatment facilities, nonpoint source projects, and estuary projects. | planning, design, and construction costs eligible; eligible projects may include, but are not limited to, green infrastructure, rainwater and stormwater capture, and stormwater treatment facilities. | planning and design costs eligible for reimbursement; set-aside for technical assistance and administration (2%) | CWSRF Legislation https://swefcsrfswitchboard.unm.edu/resources/california/California%20CWSRF%20Legislation.pdf | https://www.waterboards.ca.gov/water_issues/programs/grants_loans/srf/ | ||||||||||
8 | Colorado | https://cdphe.colorado.gov/state-revolving-fund-information | WPCRF | variable | market rate | loan > $3MM: 80% of CWRPDA AAA rated municipal bonds for leveraged loan program, 3% for 20-year, 3.25% for 30-year; loan < $3MM: 1-2.25% for DACs depending on qualifications | up to 30 years | lesser of 30 years or useful life of asset | up to 0.8% of loan interest | Fees deposited in Administrative Fee Account to support administrative costs | 1. Eligibility Survey 2. Pre-Qualification Form 3. Pre-Qualification Meeting and Preliminary Credit Determination 4. Project Needs Assessment 5. Environmental Assessment/EIS 6. Basis of Design Report 7. Project Plans & Specifications 8. Loan Application | None - rolling basis, although the board will hold review meetings in March, April, June, August, October, December, and January | DACs are those that have "a population of 10,000 or less and by meeting certain primary factors or combination of primary and secondary factors." The Primary Factors are MHI (reliable MHI less than or equal to 80% of the state MHI), Median Home Value (reliable MHV less than 100% of the state MHV). Secondary Factors include: county median household income (reliable MHI less than or equal to 80% of the state MHI), 10-year change in population (community has lost population over a 10 year period), assessed value/household (community's total assessed value is less than the median Colorado municipality), current and projected system debt per tap to MHV (current and projected system debt per tap to MHV is greater than that of the media CO municipality), and system full-cost per tap to MHI OR required revenue per tap to MHI (full cost is greater than median municipality or required revenue is greater than the median CO municipality.) PF varies for DAC but may be up to 80%. | Publicly owned treatment facilities, nonpoint source projects, and estuary projects. | planning/design and construction phase expenses | DACs eligible for up to $300,000 design/engineering grants | 25-1-107 CRS https://www.sos.state.co.us/CCR/GenerateRulePdf.do?ruleVersionId=374&fileName=5%20CCR%201003-3#:~:text=The%20Drinking%20Water%20Revolving%20Fund%20established%20by%20Senate%20Bill%2095,provides%20authority%20for%20this%20regulation. | https://cdphe.colorado.gov/state-revolving-fund-information | ||||||||||
9 | Connecticut | https://portal.ct.gov/deep/municipal-wastewater/financial-assistance-for-municipal-wastewater-projects | CWSRF | fixed | fixed rate | 2% fixed interest as defined by Connecticut General Statute | up to 20 years | n/a | fees covered by administrative set-aside | n/a | 1. Preliminary Engineering Report (PER) 2. Financial Assistance Application 3. Environmental Assessment | None - rolling basis | The CWSRF does not provide additional priority points or funding based on the status of an applicant as a DAC. | Municipalities | planning/design and construction phase expenses | loan funds eligible for planning and design | Conn. Agencies Regs. 22a-482-1 https://casetext.com/regulation/connecticut-administrative-code/title-22a-environmental-protection/clean-water-fund/section-22a-482-2-requirements-for-funding-project-agreements | https://portal.ct.gov/deep/municipal-wastewater/financial-assistance-for-municipal-wastewater-projects | ||||||||||
10 | Delaware | https://dnrec.delaware.gov/environmental-finance/revolving-fund/ | WPCRF | fixed | fixed rate | 1% fixed interest; lower rates available based on projected residential user rates as percentage of MHI | up to 30 years | lesser of 30 years of useful life of asset | no lower than 1% annual fee | Fees deposited in Non-Federal Administration Account to supplement program administration allowance and also to facilitate new loans to address demand | 1. Notice of Intent 2. Preliminary Engineering Report (PER) 3. Capacity Assessment 4. Environmental Information 5. Project Category Type Form 6. Environmental Screening | None - rolling basis, but Water Infrastructure Advisory Council holds a public hearing on the draft Project Priority List twice each year - once in the first half and the second in the second half | DAC are those that qualify using he CEJS Tool OR the community has greater than or equal to 30.9% population living under 200% of poverty level | Municipalities, private organizations, nonprofit organizations, private individuals for projects that will improve water quality | planning/design and construction phase expenses | offers planning and design grants for projects that are not ready to proceed | 29 Delaware Code Section 8003(12) http://delcode.delaware.gov/title29/c080/sc01/index.shtml#8003 | https://dnrec.delaware.gov/environmental-finance/revolving-fund/ | ||||||||||
11 | Florida | https://floridadep.gov/wra/srf/content/cwsrf-program | CWSRF | formula | market rate | "The CWSRF financing rate is determined using the Bond Buyer 20-Bond GO Index average market rate for the full weeks occurring during the three months in the preceding fiscal quarter and applying that average rate to a formula which also uses the affordability index and population served or to be served as variables in the calculation." | up to 20 years | n/a | one-time 2% service fee on total principal | Fees to cover program administrative costs; have historically not needed 4% set-aside from capitalization | 1. Request for Inclusion Form 2. Loan Application | None - rolling basis | Must be eligibility criteria for FL Small Community Wastewater Construction Grants Program, which requires the municipality have a population of 10,000 or less with a per capita income less than the state per capita income. PF will vary based on weighted average of priority categories and affordability index of project sponsors. § 403.1838, Fla. Stat. (2022) | Local governments and special districts | planning/design and construction phase expenses | planning/design loans available; grant funding available for DACs | 62-503 https://www.flrules.org/gateway/ChapterHome.asp?Chapter=62-503 | https://floridadep.gov/wra/srf/documents/cwsrf-intended-use-plan | ||||||||||
12 | Georgia | https://gefa.georgia.gov/clean-water-state-revolving-fund | CWSRF | 50% | market rate | 2.63% market benchmark (true interest cost of state's GO bond issue); rates 0.5% below benchmark | up to 30 years | lesser of 30 years or useful life of asset | not specific; one-time origination fee based on total financing | Fees deposited into separate account and used for additional programs that meet water quality goals of CWSRF; GA using repayment funds to cover administrative costs | 1. Pre-Application Meeting 2. Project Notification Form 3. Preliminary Engineering Report (PER) 4. Environmental Assessment 5. Financial/Cash Flow Model Information | None - rolling basis | Affordability criteria will be scored for principal forgiveness. Such criteria includes: MHI percentiles, unemployment percent percentiles, percentage not in labor force percentiles, poverty rate percentiles, percentage on social security percentiles, percentage on SSI percentiles, percentage with cash publics assistance percentiles, percentage with SNAP percentiles, age dependency ratio percentile, and population trend. | Municipalities, water/sewer authorities, and any other entity created by Georgia legislature and non-governmental organizations for purpose of land conservation loans. | planning/design, project development, and construction costs | Loans provided for planning- and design-phase | Ga. Comp. R. & Regs. 391-3-6-14 https://rules.sos.ga.gov/GAC/391-3-6 | https://gefa.georgia.gov/water-resources/intended-use-plans | ||||||||||
13 | Hawaii | https://health.hawaii.gov/wastewater/home/cwsrf/ | CWSRF | fixed | fixed rate | .25% annual interest rate | up to 30 years; DACs eligible for up to 40 | must qualify as DAC to be eligible for greater than 30-year term | Semi-annual fee of 0.5%; fees added to interest rates for total annual rate | Fees cover activities directly related to administration of CWSRF (issuing/servicing loans, engineering support, financial and legal consultation, etc.); additional utilization of 1/5 percent of fund value set-aside for administrative expenses | 1. CWSRF Capacity Evaluation Form 2. Loan Application Form 3. Borrowing Resolution 4. Construction Plans & Specifications | None - rolling basis | Hawaii is reviewing, refining, and improving its affordability criterion definition of DAC. Currently the affordability criteria considers the applicants income, unemployment data, population trends, and other data determined relevant by the Hawaii CWSRF program. Status as a DAC or outcome of Affordability Criteria does not guarantee PF. | Counties and state agencies to construct point source and nonpoint source water pollution control projects | some planning/design eligibility for nonpoint source pollution and other projects; construction expenses eligible | 2% set-aside for technical assistance | Haw. Code R. 11-65-01 https://casetext.com/regulation/hawaii-administrative-rules/title-11-department-of-health/subtitle-1-general-departmental-provisions/chapter-65-environmental-state-revolving-funds/subchapter-1-general-provisions/section-11-65-01-purpose | https://health.hawaii.gov/wastewater/home/cwsrf/ | ||||||||||
14 | Idaho | https://www.deq.idaho.gov/water-quality/grants-and-loans/construction-loans/ | CWSRF | variable | fixed rate | ceiling rate of 2.5%, floor of 1.5% for 20-year loans; ceiling of 2.75%, floor of 1.75% for 30-year loans; DACs may qualify for rates below 1.5% | up to 30 years | DACs eligible for 30-year loan terms; term may not exceed asset useful life | 1% of unpaid balance due with regular loan payments | Support of administrative costs and/or other operation of the CWSRF; additional 4% set-aside for administrative expenses from regular capitalization grant and BIL supplemental grant | 1. Letter of Interest/Intent to Apply 2. Pre-Application Meeting 3. Preliminary Engineering Report (PER) 4. Environmental Review 5. Financial Information | None - rolling basis | DAC are those where the community's annual user rates will need to exceed 2.00% of their MHI. Alternatively a DAC may have a user rater between 1.5% and 2% of the MHI if the most recent census reports a decline in population for the community during the recent give-year reporting period and unemployment exceeds the statewide average. | Counties, cities, special service districts, other governmental entities, and nonprofit corporations with the authority to collect, treat, or dispose of wastewater or otherwise provide direct water quality benefits | Planning, design, and construction expenses | Loans provided for planning- and design-phase; 2% technical assistance set-aside (planned to be banked) | Rule 58.01.12 https://casetext.com/regulation/idaho-administrative-code/title-idapa-58-environmental-quality-department-of/rule-580112-rules-for-administration-of-wastewater-and-drinking-water-loan-funds | https://www.deq.idaho.gov/water-quality/grants-and-loans/construction-loans/ | ||||||||||
15 | Illinois | https://epa.illinois.gov/topics/grants-loans/state-revolving-fund.html | WPCLP | 50% | market rate | base rate equals 50% of average 20 GO Bond Buyer Index for preceding fiscal year; small communities eligible for 25% reduction from base rate; hardship loans eligible for fixed 1% rate | up to 30 years | DACs eligible for 30-year loan terms; term may not exceed asset useful life | Fee is 50% of the annual interest rate (loan support portion) | Fees support the Loan Support Program (LSP) which is an outside account funded by fee revenues and annually supports annual administrative costs of the CWSRF; 4% set-aside for administrative expenses from capitalization and BIL supplemental grant | 1. Funding Nomination Form 2. Loan Application 3. Bid Documents | June 15th for Fiscal Year (which ends June 30th) | Illinois's CWSRF program defines “disadvantaged community” (DAC) as follows: A disadvantaged community is a local unit of government that qualifies for either the Small Community Rate or Hardship Rate as defined in the IUP. | Public or private entities | Planning, design, and construction expenses | Loans provided for planning- and design-phase | Title 33 Subtitle C Chapter II Part 365 https://www.ilga.gov/commission/jcar/admincode/035/03500365sections.html | https://epa.illinois.gov/topics/grants-loans/state-revolving-fund.html | ||||||||||
16 | Indiana | https://www.in.gov/ifa/srf/wastewater/ | CWSRF | 90% | market rate | Base Interest Rate equal to 90% of daily average 20-year AAA GO Municipal Market Data (MMD) index for most recent calendar month; rates reset in January, April, July, and October; further discounts available based upon Median Household Income (MHI) and projected user rates | standard 20-year terms; up to 30 years in discretion of SRF administrator; 35-year terms authorized to correct aging infrastructure; term may not exceed asset useful life | A loan term up to 35 years may be given to all Indiana utilities to correct the issue of aging infrastructure for all water and sewer projects having a useful life equal to the loan term. | Flat $1,000 closing fee; additional non-specified CWSRF fee | Closing fee proceeds to support administrative costs related to closing; CWSRF fees collected as permitted by EPA for costs to further goals of CWSRF, to fund state match, to fund water quality projects, or administrative expenses; 4% set-aside for administrative costs from base and supplemental capitalization grants | 1. CWSRF Loan Application 2. Capacity Development Assessment 3. Project Planning Meeting 4. Preliminary Engineering Report (PER) 5. Due Dilligence Packet 6. Construction Plans and Specifications | April 1, 2023 for SFY 2024 in order to be ranked and scored on the first quarter SRF PPL | DAC include those as indicated by EPA EJSCREEN Tool or Affordability Criteria. Affordability Criteria looks at MHI, user rates, unemployment data population trends, and other factors or data deemed relevant by the CWSRF Loan Program. DAC includes those with a MHI less than 80% of the state's MHI. PF will be provided ranging from 10% up to 49%. | Any entity for projects that improve wastewater and drinking water infrastructure. | Planning, design, and construction expenses; Preliminary Engineering Reports (PERs) must be submitted for projects to be scored and ranked for priority placement | 2% set-aside for technical assistance; loan funds available for planning- and design-phase expenses | Not readily available | https://www.in.gov/ifa/srf/reports-and-ppls/ | ||||||||||
17 | Iowa | https://www.iowasrf.com/clean-water-loan-program/ | CWSRF | tiered | fixed rate | 0% rates for planning and design loans; 1.75% for standard 20-year term tax exempt, 3.53% for taxable; 2.75% for extended term (21-30 years) tax exempt, 4.53% for taxable | standard 20-year terms; up to 30 years available | available for all projects based on the weighted average useful life of the project components | 0.5% loan origination fee on construction loans (not to exceed $100,000); 0.25% loan servicing fee assessed on outstanding balanced, paid semi-annually on construction loans | Fees deemed non-program income and used for water quality projects and/or administrative expenses; 4% of total federal capitalization grants may be used for administrative costs | 1. Project Planning Meeting 2. IUP Application 3. Preliminary Engineering Report (PER) 4. Viability Assessment 5. Agency Technical and Environmental Reviews | None - rolling basis, but to be considered for May hearing (submit by March), for August hearing (submit by June), for November hearing (submit by September), and for February hearing g(submit by December) | DAC defined by the Affordability Criteria OR with a score of at least 11 points from the Socioeconomic Assessment Tool. | Municipalities, counties, sanitary districts, and other governmentalities empowered to provide sewage collecting and treatment services | Planning and design, construction, and other (green infrastructure, non-point source) | Specific 0% interest and fee planning and design loans; may utilize up to 2% of federal capitalization grants for technical assistance set-asides, but does not plan to duplicate TA efforts of organizations receiving EPA Technical Assistance grants | Chapter 26, p. 1 https://www.legis.iowa.gov/docs/iac/chapter/07-15-2020.265.26.pdf | https://www.iowasrf.com/clean-water-loan-program/ | ||||||||||
18 | Kansas | https://www.kdhe.ks.gov/516/Applications | KWPCRF | 60% | market rate | Gross interest rate (interest plus fee) equal to 60% of previous three months' average Bond Buyers 20-year GO Index | standard 20-year terms | unknown | loan service fee of .25% included in gross interest rate | Fees cover administrative costs, including portion of salaries and benefits, audit expense, and other related operating expenses of the KWPCRF | 1. Pre-Application Form 2. Loan Application 3. Preliminary Engineering Report (PER) 4. Outstanding Debt List 5. List of Water Rates 6. Documentation of Public Hearing and Resolution for Application 7. Environmental Review Documentation 8. Lobbying Certification Form 9. Capacity Development Survey 10. Previous Three Years of Audited Financial Statements | None - rolling basis | No DAC definition, but PF provided based upon Affordability Criteria, which requires applicant to confirm two of the following: be located in Kansas Opportunity Zone, serves a population of 500 or less, has a MHI less than 80% of the Kansas MHI, and located in county with unemployment rate greater than 115% of statewide average. PF up to 30%. | Municipalities | Engineering fees, archaeological surveys, environmental studies, and other costs related to project plan preparation and submission | Some technical assistance available and funded through service fees | Section 65-3322 https://casetext.com/statute/kansas-statutes/chapter-65-public-health/article-33-water-pollution-control/section-65-3322-kansas-water-pollution-control-revolving-fund-established-sources-of-revenue-use-of-moneys-credited-to-fund | https://www.kdhe.ks.gov/518/Loan-Fund-Public-Hearings-Supporting-Doc | ||||||||||
19 | Kentucky | https://eec.ky.gov/Environmental-Protection/Water/Funding/CWSRF/Pages/default.aspx | CWSRF | formula | market rate | Rates are based on prevailing market conditions with the 20 Bond General Obligation Index as a reference rate. Kentucky has one standard interest rate and two non-standard interest rates for the CWSRF program primarily dependent upon the community’s Median Household Income (MHI). Information is provided in the next section for Kentucky’s methodology for MHI determination. 1. The standard rate is applied when the MHI is equal to or above the Kentucky MHI of $48,392. 2. The first non-standard rate is applied for the following reasons: a. When the MHI is greater than 80% but less than the Kentucky MHI; b. Projects that meet the definition for regionalization; or c. Projects necessary for compliance with an Agreed Order or Consent Decree. 3. The second non-standard rate is applied when the MHI is equal to or below 80% of the Kentucky MHI. This rate is also known as the Disadvantaged Community Rate (DCR). a. Projects that qualify for the DCR are eligible for principal forgiveness consideration for and may request a loan amortization up to 30 years or the life expectancy of the facilities being financed. | standard 20-year terms; 30-year terms available | must qualify as DAC; loan term may not exceed asset useful life | 0.2% of outstanding loan balance paid with each semi-annual loan payment | Fees assessed to recover administrative expenses incurred over the life of the loan | 1. Submission of Project Profile to Area Development District | None - rolling Basis | The Kentucky Infrastructure Authority sets a standard interest rate through the Clean Water Stare Revolving Fund. There are two non-standard interest rates, one of which is known as the Disadvantaged Community Rate (DCR). The DCR is applied when the median household income (MHI) is equal to or below 80% of the Kentucky MHI. Projects that qualify for the DCR are eligible for principal forgiveness consideration and may request a loan amortization of up to 30 years, but not beyond the expected design life of the project. PF may be based upon affordability index, which is calculated by the utility rate for the year divided by the MHI. PF may be up to 50%. | Municipal corporations, cities, agencies, commissions, authorities, districts | Construction | planning/design loans available | KRS Chapter 224A https://apps.legislature.ky.gov/Law/KAR/200/017/050.pdf#xml=https://apps.legislature.ky.gov/LRCSiteSessionSearch/dtSearch/dtisapi6.dll?cmd=getpdfhits&u=5baa736&DocId=6102&Index=E:%5cProduction%5cDTSearch%5cDTSearchIndex%5cKY_Administrative_Reg&HitCount=3&hits=13+14+15+&SearchForm=&.pdf | https://eec.ky.gov/Environmental-Protection/Water/Funding/CWSRF/Pages/default.aspx | ||||||||||
20 | Louisiana | https://deq.louisiana.gov/page/clean-water-state-revolving-fund | CWSRF | fixed | fixed rate | 0.95% fixed rate; lower rates or additional subsidization (principal forgiveness) available for green infrastructure projects | standard 20-year terms | unknown | 0.5% on outstanding loan balance | Fees used to supplement 4% set-aside of federal capitalization grant for administrative expenses; fees are banked on an annual basis for future expenses | 1. CWSRF Application 2. Engineering Contract 3. Capacity Development Plan 4. System Improvement Plan 5. Plans and Specifications | None - rolling Basis | DAC means one that meets one or more of the following affordability criteria using the most recent American Community Survey (ACS) data published by the US Census Bureau: MHI less than State MHI, percentage of population unemployed is greater than the state percentage, and percentage of population growth over the two most recent years is less than the state percentage. PF amounts vary. | Unclear whether eligible entities include both public and private entities. As stated, eligibility is based upon project type. | Design and construction of wastewater treatment facilities, sewer rehabilitation, and stormwater quality improvements | 2% set-aside for small systems technical assistance; planning and design expenses eligible for reimbursement | Revised Statutes 30:30:2303 https://law.justia.com/codes/louisiana/2022/revised-statutes/title-30/rs-30-2302/ | https://deq.louisiana.gov/page/clean-water-state-revolving-fund-iup-priority-list-annual-reports | ||||||||||
21 | Maine | https://www.maine.gov/dep/water/grants/SRF/cwsrf/index.html | CWSRF | 66% | market rate | Rates set at two-thirds of the one-year AAA municipal tax exempt rate or 1%, whichever is higher | maximum term of 30 years | loan term cannot exceed asset useful life | 3.5% administration fee and 1.5% fee charged by state Bond Bank | Funds from fees used to fund administration of SRF program and support other water quality related positions. Fees also used to fund loans for CWSRF projects | 1. CWSRF Application 2. Financial Information 3. Preliminary Engineering Report | None - rolling Basis | No DAC definition. PF based upon affordability criteria, including income, unemployment data, population trends, poverty rate, sewer user rate as a percentage of the MHI. PF amounts varies. | Municipalities and quasi-municipal corporations | Other projects | 2% set-aside for small systems technical assistance; planning and design expenses eligible for reimbursement | https://swefcsrfswitchboard.unm.edu/resources/maine/CWSRF%20Legislation.docx | https://www.maine.gov/dep/water/grants/SRF/cwsrf/index.html | ||||||||||
22 | Maryland | https://mde.maryland.gov/programs/water/wqfa/pages/water_quality_fund.aspx | WQRLP | 25-50% | market rate | Rates based on average of Bond Buyer 11-Bond Index for month prior to closing; Standard rate ranges from 0.7% to 1.6%; DAC rate from 0.3%-0.8% | up to 30 years | not to exceed useful life of asset | 5% of aggregate debt service divided by loan term, collected annually | Fee covers program operating and administrative expenses | 1. Name and Contact Information of Borrower 2. Location of Project 3. Type of Project 4. Project Budget 5. Funding Request 6. Project Description | None - rolling basis | Disadvantaged community projects that meet the eligibility criteria are eligible to receive up to 50% of the Clean Water State Revolving Fund loan forgiveness. The DAC eligibility criteria are as follows: 1. Sewer user rate per year per Equivalent Dwelling Unit (EDU) > 1% of community median household income (MHI); or 2. Project is physically located and benefits an Maryland Department of the Environment (MDE)-approved environmental benefit district; or 3. Project is physically located and benefits a community with MHI less than 70% of State MHI; or 4. Project is physically located and benefits a community in a Maryland County (including Baltimore City) with a high unemployment rate (upper 33rd percentile); or 5. Project is physically located and benefits a community in a Maryland County (including Baltimore City) where the U.S. Census data shows a declining population. In addition to above criteria, if the statutory limit for additional subsidy has not been reached, up to 25% of the loan amount as loan principal forgiveness may also be provided to projects in priority ranking order with readiness to proceed where the water user rate would increase by more than 20% to achieve financial capacity as determined by MDE. | Point Source Pollution Prevention Projects - Public Entities/Local Governments only; Nonpoint Source Pollution Prevention Projects - Public and Private Entities | Green infrastructure projects, interceptors, collectors, and lift stations, infiltration/inflow correction, combined sewer overflow correction, and nonpoint source projects | planning and design loans available | https://swefcsrfswitchboard.unm.edu/resources/maryland/Maryland%20CWSRF%20Legislation.pdf | https://mde.maryland.gov/programs/water/wqfa/pages/index.aspx | ||||||||||
23 | Massachusetts | https://www.mass.gov/info-details/clean-water-state-revolving-fund-srf-program | CWSRF | fixed | fixed rate | 2% fixed rate; some lower rates available for specific projects | standard 20-year term | not available | annual administrative fee of 0.15% of outstanding loan principal; may also charge amount NTE $5.50 per $1,000 as loan origination fee to cover bond issuance expenses | Fees support salaries and expenses related to SRF project development and loan management; program has administrative reserve account | 1. Project Evaluation Form (PEF) 2. IUP Placement 3. Loan Application 4. Construction Plans and Specifications | None - rolling basis | A disadvantaged community is a community that falls into one of the three tiers using the Massachusetts Clean Water Trust and the Massachusetts Department of Environmental Protection annual affordability calculation that ranks communities into affordability tiers. a. Tier 1: Communities with Adjusted Per Capita Income (APCI) more than 80% but less than 100% of the State ACPI b. Tier 2: Communities with APCI more than 60% but less than 80% of the State ACPI c. Tier 3: Communities with APCI less than 60% of the State ACPI The formula for APCI is as follows: ACPI=Per Capital Income * Employment Rate * Population Change. Per Capital Income is listed on the most recent data tables of the Massachusetts Department of Revenue. Employment Rate is listed on the most recent calendar year data tables of the Massachusetts Department of Revenue. Population Change is the percentage of gain or less, according to the U.S. Census data, in a municipal population between 2010 and 2020. | Cities, towns, and public water utilities | Planning, Construction, and Administrative costs are eligible. See MA CWSRF Policy on Eligible Costs: https://www.mass.gov/doc/clean-water-srf-eligible-project-costs-0/download | planning- and design-phase activities eligible for funding; 2% technical assistance set-aside for small, rural, and tribal communities and DACs | 310 CMR 44.00 https://www.mass.gov/regulations/310-CMR-4400-the-clean-water-state-revolving-fund | https://www.mass.gov/lists/2024-final-srf-intended-use-plans | ||||||||||
24 | Michigan | https://www.michigan.gov/egle/regulatory-assistance/grants-and-financing/clean-water-state-revolving-fund | WPCRF | tiered | fixed rate | annual fixed interest rate based upon demand, market conditions, program costs, and future project needs; current 20-year rate 1.875%; 30-year rate 2.125%; 30-year DAC rate 1.875% | standard 20-year term; 30-year terms available | not available | not available | not available | 1. Submit Intent to Apply (ITA) 2. Project Planning Meeting 3. Preliminary Engineering Report (PER)/Alternatives Analysis 4. Schedule for Design and Construction 5. Cost Summary | November 1, 2024 for FY 2026 | Prior to 2022, Michigan had a definition for disadvantaged community. However, Michigan is shifting away from this definition. Effective June 2022, the Michigan Legislature tasked the Department of Environment, Great Lakes, and Energy (EGLE) to establish definitions of "overburdened community" and "significantly overburdened community." The definitions of overburdened community and significantly overburdened community must address the following: (a) Income and unemployment data. (b) Population trends. (c) Housing costs and values. (d) Annual user costs, allocation of costs across customer classes, and historical and projected trends in user costs. (e) Existing public health, environmental, and affordability impacts. (f) Other data considered relevant by the department. | Municipalities | Planning/design, construction, and certain administrative costs | not available | Mich. Admin. Code R. 323.958 https://www.law.cornell.edu/regulations/michigan/department-environmental-quality/drinking-water-municipal-assistance-division/state-revolving-loan-fund | https://www.michigan.gov/egle/regulatory-assistance/grants-and-financing/clean-water-state-revolving-fund | ||||||||||
25 | Minnesota | https://mn.gov/deed/pfa/funds-programs/cleanwaterrevolvingfund.jsp | CWSRF | variable | market rate | Rates determined by market rate index or state public facilities authority (PFA) bond market rate (whichever is higher) less a 1.0% discount; borrowers with service area population below 2,500 may receive additional discounts | standard 20-year terms; 30-year terms available based upon community MHI | up to 30-year terms if average annual residential cost would exceed 1.4% of state Median Household Income (MHI) | servicing fee of up to 2% of each loan payment | Fee revenues used to pay program administrative expenses and are non-program income | 1. Project Cover Letter and Proposal (Project Owner Name, Contact Information) 2. Community Statistics 3. System Description 4. Need for Improvement 5. Alternatives Analysis 6. Cost Summary 7. Project Schedule 8. Status of Water Emergency and Conservation Plan | Six months from when IUP is approved | No DAC definition. PF available to applicants based upon affordability criteria, including by dividing total system costs by number of residential users to determine average cost per household. If average cost per household exceeds 1.4% of the municipality's median household income, the proposed project is eligible for PF. | Cities, counties, townships, sanitary districts or other governmental subdivisions responsible for wastewater treatment | design-, planning-, and construction-phase expenses | planning and design expenses eligible for funding | Minn. Statutes Section 446A.07 https://law.justia.com/codes/minnesota/2022/chapters-440-446a/chapter-446a/section-446a-07/ | https://mn.gov/deed/pfa/funds-programs/cleanwaterrevolvingfund.jsp | ||||||||||
26 | Mississippi | https://www.mdeq.ms.gov/about-mdeq/grants-loans-and-trust-funds-available-through-mdeq/water-pollution-control-clean-water-revolving-loan-fund-wpcrlf-program/ | WPCRLF | tiered | fixed rate | 0.8% annual fixed interest rate per latest IUP for 20-year term; 1.8% annual rate for 30-year term | standard 20-year terms; 30-year terms available | loan term may not exceed asset useful life | 5% of final loan principal collected with loan repayments | Fees to cover administrative expenses; additional 4% set-aside from federal capitalization grants for administrative expenses | 1. Ranking Form 2. Complete Facilities Plan 3. Loan Application | None -rolling basis | No DAC definition. PF available to applicants based upon affordability criteria, including those whose service area has a population of 4,000 or less and a MHI of $40,000 or less. Those that do not meet these conditions but have any of per capita income is 80% or less than national average, if unemployment population is at least 3.4%, vacant households are at least 12.1%, population living 200% below poverty level is at least 30.9%, population speaking English not well or not at all at least 10%, or if population receiving food stamps/SNAP at least 11.7% will be ranked in a second class eligible for PF. | Municipalities, public sewer districts, or other eligible recipients | planning, design, or construction phase professional services | planning and design expenses eligible; 2% set-aside for technical assistance | Miss. Code 49-17-85 https://law.justia.com/codes/mississippi/2020/title-49/chapter-17/subchapter-waterpollutioncontrolrevolvingfund/section-49-17-85/ | https://www.mdeq.ms.gov/about-mdeq/grants-loans-and-trust-funds-available-through-mdeq/water-pollution-control-clean-water-revolving-loan-fund-wpcrlf-program/ | ||||||||||
27 | Missouri | https://dnr.mo.gov/water/what-were-doing/financial-assistance-opportunities/clean-water-state-revolving-fund-cwsrf-loan | CWSRF | 30% | market rate | Rate 70% below Bond Buyer's 25-Revenue Bond Index published the week before closing | standard 20-year terms; 30-year terms available | additional 0.25% interest for 30-year terms; loan term may not exceed asset useful life | up to 0.5% of outstanding loan balance due annually | Fee used to administer CWSRF program and to fund other department water quality activities | 1. Loan Application 2. Financial Information 3. Debt Information 4. Project Budget and Schedule 5. Documentation of Engineering Consultant | None -rolling basis | In the clean water context, a community receives priority points for being a disadvantaged community if all three criteria are met: 1. A population of 3,300 or less based on the most recent decennial census; 2. A median household income (MHI) at or below 75 percent of the state MHI using the most recent decennial data as conducted by the U.S. Census Bureau or by an income survey overseen by a state or federal agency; and 3. The average wastewater bill, also known as the user charge, for 5,000 gallons is at least 2 percent of the MHI of the applicant. | Political subdivisions (cities, Counties, towns, regional water districts). Privately owned and nonprofit entities are eligible for nonpoint source projects. | wastewater and nonpoint source pollution control projects; planning, design, legal, land acquisition, and construction costs eligible | planning and design costs eligible | 10 CSR 20-4.040 https://www.law.cornell.edu/regulations/missouri/10-CSR-20-4-040 | https://dnr.mo.gov/water/what-were-doing/state-revolving-fund-srf/plans-reports | ||||||||||
28 | Montana | https://deq.mt.gov/water/Programs/eng#dwfund | WPCSRF | fixed | fixed rate | 2.5% fixed rate for SFY23 (set annually); 1.75% rate for interim financing loans (shorter of construction period or three years) | standard 20-year term; extended 30-year term available | loan term cannot exceed asset useful life | 0.25% loan loss reserve surcharge and 0.25% administrative surcharge included in base 2.50% rate | Loan loss reserve fees used to pay principal and interest on state GO bonds if debt service account is insufficient; administrative surcharge used for WPCSRF administration costs not covered by 4% set-aside; if needed, funds can be transferred to principal account and used to make additional loans | 1. CWSRF Survey Form 2. Uniform Application Form for Montana Public Facility Projects | None -rolling basis | the Montana Water Pollution Control State Revolving Fund (WPCSRF) determines a disadvantaged community by considering low and moderate income (LMI) data. This information is available for all incorporated city/towns and census designated places from the Montana Department of Commerce’s Community Development Division and is based on the U.S. Census Bureau’s American Communities Survey data set 2015-2019. The LMI percent is calculated by U.S. Housing and Urban Development using data from the U.S. Census Bureau's Decennial Census. LMI families are defined as those families whose income does not exceed 80% of the county median income for the previous year or 80% of the median income of the entire non-metropolitan area of the State of Montana, whichever is higher. For example, a community with an LMI of 43.5% would receive 0.435 points to their overall composite affordability score. | Public or private entities | planning, design, construction, and implementation of water pollution control projects | planning and design costs eligible; interim financing (bridge loans) also available | Sec. 75-5-1106 https://casetext.com/statute/montana-code/title-75-environmental-protection/chapter-5-water-quality/part-11-water-pollution-control-state-revolving-fund/section-75-5-1106-revolving-fund | https://deq.mt.gov/water/Programs/eng#dwfund | ||||||||||
29 | Nebraska | https://dee.nebraska.gov/aid/water-loans-grants-rebates/clean-water-state-revolving-loan-fund-wastewater-treatment-facilities-and-sanitary-sewer-collection-systems | CWSRF | 33% | market rate | Rates set at one-third the average of the 10- and 30-year Municipal Bond rates at the start of each quarter | up to 30 years; planning loans up to five years | loan term cannot exceed asset useful life | up to 1% annual fee on construction loans, up to 0.5% on planning loans; billed when principal and interest payments are due | Fee deposited into separate account from CWSRF and used for administrative costs, including state match, loan forgiveness, and/or planning of technology grant funds | 1. Complete Biennial Combined Clean Water and Drinking Water SRF Needs Survey by December 31 2. Submit Joint Water/Wastewater Pre-Application 3. Hire a Professional Engineer Registered in Nebraska 4. Preliminary Engineering Report (PER) 5. Alternative Financing Sources Assessment 6. Develop Community Support | January 15th | There are two categories of loan forgiveness eligibility relating to disadvantaged communities in the clean water context. Category 1: For each Clean Water State Revolving Fund (CWSRF) loan recipient falling between 80 and 120% of the State median household income (MHI) for the service area, the maximum forgiveness level will be set between 50% and 0% by interpolation. Loan recipients with a MHI of 80% or less of the State MHI for the service area will qualify for 50% maximum forgiveness. For those above 80% but less than 120% of the state MHI, the ratio of the difference between the loan recipient’s MHI and 80% of the State MHI to the difference between 80% of the State MHI and 100% of the State MHI is applied to 50%, with the result subtracted from 50%, resulting in the maximum percent for the forgiveness. Category 2: For each CWSRF loan recipient falling between 80 and 120% of the State MHI for the service area, the maximum forgiveness level will be set using the same ratio as determined above and with a maximum cap set between 25% and 0% by interpolation based on population. a. For populations of 10,000 or less, a cap of 15% loan forgiveness on eligible project cost will be imposed. b. For populations of 3,300 or less, a cap of 20% loan forgiveness on eligible project cost will be imposed. c. For populations of 500 or less, a cap of 25% loan forgiveness on eligible project cost will be imposed. | Municipalities | planning, design, construction, and refinancing of existing wastewater/nonpoint source pollution control debt | 2% set-aside for technical assistance; specific short-term planning loans available; $100,000 from Administration Cash Fund reserved for Project Planning Activities and Report grants | http://dee.ne.gov/RuleAndR.nsf/Title_131.xsp | http://dee.ne.gov/Publica.nsf/PubsForm.xsp?documentId=8BC9BBC6723662488625873300779B6F&action=openDocument | ||||||||||
30 | Nevada | https://ndep.nv.gov/water/financing-infrastructure/state-revolving-fund-loans | CWSRF | 62.50% | market rate | CWSRF applicants are required to issue a bond purchased by State Treasurer; rates typically 62.5% of 20-year Bond Buyer Index for 20-year loans, 62.5% plus difference between 20-year MMD and 30-year AAA curve for 30-year loans | standard 20-year terms; 30-year terms available | project assets must have useful life of 30 years, borrower's financial and managerial capacity can support 30-year term, State Treasurer's Office agrees to the purchase of a 30-year term bond, funds are available for 30-year terms | loan origination fee of 0.5% of base loan amount | Fee income covers the costs of administration and deposited directly into the fund; 4% set-aside of federal capitalization for administration | 1. Project Proposal 2. Preliminary Engineering Report 3. Environmental Report | None -rolling basis | Disadvantaged community means an area served by a public water system in which the median household income is less than 80 percent of the state median household income. | Publicly owned wastewater systems | planning/assessment and construction costs | planning, design, and assessment costs eligible | Nev. Admin. Code 445A.728 https://www.law.cornell.edu/regulations/nevada/NAC-445A-728 | https://ndep.nv.gov/water/financing-infrastructure/state-revolving-fund-loans | ||||||||||
31 | New Hampshire | https://www.des.nh.gov/business-and-community/loans-and-grants/clean-water-state-revolving-fund | CWSRF | tiered | market rate | Rates based on 11 GO Bond Index; 2% for 5- to 10-year term, 2.3775% for 15-year term, 2.5360% for 20- to 30-year term | standard up to 20-year term; 30-year term available | useful life of funded asset must be at least 30 years | 2% annual administrative fee | Fees support CWSRF managerial staff, administration, design review, construction management, permitting, enforcement, compliance, operations and residuals management; additional 4% set-aside from federal capitalization grants for administrative expenses | 1. Submit Pre-Application 2. Final Loan Application | None -rolling basis | DAC not defined. PF available based upon affordability criteria. Those with an affordability score between 0.50 and 1.17 - PF of 10%; those with score between 1.18 and 1.84 - PF of 20%; those with score between 1.85 and 2.5 - PF of 25%; score greater than 2.5 - PF of 35%. | communities, nonprofits, and local government entities | planning, design, and construction of wastewater, green infrastructure, water or energy efficiency, stormwater, and nonpoint source pollution projects | 2% technical assistance set-aside; planning and design expenses eligible; some principal forgiveness available for planning activities | Unable to locate | https://www.des.nh.gov/business-and-community/loans-and-grants/clean-water-state-revolving-fund | ||||||||||
32 | New Jersey | https://dep.nj.gov/wiip/ | CWSRF | 50% | market rate | Base CWSRF rate - 50% of I-Bank AAA Market Interest Rate | up to 30-year terms generally; up to 45-year terms for Combined Sewer Overflow (CSO) projects | loan term cannot exceed asset useful life; project must qualify as CSO for 45-year term | annual administrative fee of up to 0.17% per annum on the total original loan amount | Fees may be used to fund the I-Bank's activities in operating budget, provide loans, credit collateral, or match funds; additional 2% of CWSRF fund reserved for administrative costs | 1. Submit Letter of Intent for Project Priority Listing 2. Submit Application for Loan | None -rolling basis | No DAC definition. PF available based upon affordability criteria, including income, unemployment data, population trends, and other data deemed relevant. Thus eligible for PF if MHI is $90,000 or less; unemployment is 5% or higher; or population trend of 2% or lower. | Publicly owned treatment works, towns, boroughs, municipal utilities authorities, counties, regional water authorities, other local government units; private entitles are eligible through public conduit borrowers. | wastewater, stormwater, green infrastructure, landfills, land preservation, equipment purchase, security monitoring, miscellaneous related costs; entirety of project covered (planning, design, construction) | short-term and long-term financing available (short-term loans of not more than five years); up to 2% set-aside for technical assistance | https://dspace.njstatelib.org/handle/10929/50433 | https://dep.nj.gov/wiip/intended-use-plan-and-project-priority-lists/ | ||||||||||
33 | New Mexico | https://www.env.nm.gov/funding-opportunities/ | CWSRF | tiered | fixed rate | Rate tiers fixed annually; 0% for public entities with per capita income (PCI) below 75% of statewide average, 0.5% for public entities with PCI equal to or less than state, 1% for PCI greater than statewide | up to 30-year terms | loan term cannot exceed asset useful life | administrative fee not to exceed 5% of total loan amount; fee is variable and included in annual interest rate payments | Fees serve to perpetuate the administration of the revolving loan fund | 1. Submit Project Interest Form (PIF) 2. Submit supplemental documentation for project priority ranking 3. Submit loan application within 45 days of publication of Fundable Priority List 4. Execute Binding Commitment Letter | None -rolling basis | DAC means those with a per capita income less than statewide average or that meet the affordability criteria. PF is available to DACs. | Municipalities, counties, water and sanitation districts, mutual domestic water associations, pueblos and tribes, and private entities for limited types of projects | wastewater, stormwater, and other eligible projects to protect water quality (planning, design, construction) | planning and design expenses eligible | New Mexico Statutes 74-6A-4 https://law.justia.com/codes/new-mexico/2021/chapter-74/article-6a/section-74-6a-4/ | https://www.env.nm.gov/construction-programs/wp-content/uploads/sites/4/2024/04/2024-04-12-WPD-CPB-CWSRF-IUP-revised-for-EC-with-PPL-1.pdf | ||||||||||
34 | New York | https://efc.ny.gov/cwsrf | CWSRF | tiered | market rate | Rates tiers: short-term subsidized financing, interest-free for half of eligible project costs and market-rate for balance; short-term market-rate financing, MMD AAA scale 1-year plus issuance costs; short/long-term hardship financing, interest free; long-term market-rate financing, market rates based on state Environmental Finance Corporation (EFC) bond rating; long-term subsidized financing, 50% of EFC bond rating | up to 30-year terms | loan term cannot exceed asset useful life | variable administrative fees depending on financing tier | Fees to support administrative expenses; portion of federal capitalization grant also reserved for administrative expenses | 1. Submittal of Pre-Application (Description of Project) 2. Submittal of Financing Application Package to Environmental Facilities Corporation | None -rolling basis | Utilizes the Hardship Policy to determine PF eligibility. A municipality’s eligibility for hardship financing is evaluated on criteria specific to the municipality and project, and whether it positively serves, protects, or benefits an environmental justice area. Municipal criteria includes: a. the municipal population is: less than 300,000; or if the municipal population is greater than 300,000, the population served by the project is less than 300,000. b. The MHI of the municipality is: less than 80% of the regionally adjusted MHI; or 80% to less than 100% of the regionally adjusted MHI and the poverty of the municipality is greater than the 2019 statewide poverty of 10.4%. c. The municipality has not exceeded the $20 million limit on hardship financing. Project Criteria includes: a. The project must be a municipally-owned wastewater treatment works project; and b. be environmentally significant, as determined by the Commissioner of the New York State Department of Environmental Conservation, and c. have a core score (excluding additional points for closing subsidized financing) that would place the project above the Hardship Subsidy Line of its respective category on the Annual List in the current Intended Use Plan (IUP), and d. not have a CWSRF short-term financing agreement that was executed before October 1, 2020 and not have a long-term financing. For phased projects, a short-term or long-term financing on a previous phase does not preclude a subsequent phase from hardship eligibility. Environmental Justice criteria includes: a. Environmental Justice Criteria Projects that may not meet the municipal criteria but do meet the project criteria may be eligible for hardship financing when at least 50% of the project cost and/or scope positively serves, protects, or benefits an identified EJ area. b. The municipality is subject to the $20 million limit. c. The project is subject to a Value Engineering review, funded by Environmental Facilities Corporation, and is required to incorporate the recommendations from the review to be eligible for hardship financing. | Municipalities, Indian reservations wholly within NYS, and water authorities | planning, design, and construction phase expenses for wastewater, stormwater, and nonpoint source pollution control projects | Short-term financing available for planning and design | Title 21 Chapter XLII Part 2602 https://regulations.justia.com/states/new-york/title-21/chapter-xlii/part-2602/ | https://efc.ny.gov/cw-iup | ||||||||||
35 | North Carolina | https://www.deq.nc.gov/about/divisions/water-infrastructure/i-need-funding/clean-water-state-revolving-fund | CWSRF | 50% | market rate | Base CWSRF interest rate one-half of the Bond Buyer's 20-Bond Index; targeted discounts available for DACs down to 0% | up to 30-year terms | loan term cannot exceed asset useful life | 2% loan fee | Fees used to administer program, for state match funds, and other water quality purposes | 1. Application for Funding 2. Grant Eligibility and Affordability Form 3. Financial Information Form 4. Engineering Report/Environmental Information Document 5. Design & Bid Documents | None -rolling basis | Communities that are eligible to receive principal forgiveness are defined as disadvantaged. Under North Carolina's criteria, projects receive points when the applicant has less than 20,000 residential wastewater connections; at least three (3) of five (5) local government unit indicators worse than the state benchmark; an operating ratio (future) of less than 1.3; utility rates greater than the state median; and/or project cost per connection that project to increase the utility rates above the 70th percentile of state wide utility rates. | local government units (counties, cities, towns, sanitary districts, etc.) | planning, design, and construction expenses for wastewater, stormwater, and nonpoint source pollution control projects | 2% set-aside for technical assistance; design and planning expenses eligible | Session Law 2014-100 https://www.ncleg.net/sessions/2013/bills/senate/pdf/s744v9.pdf | https://www.deq.nc.gov/about/divisions/water-infrastructure/i-need-funding/clean-water-state-revolving-fund | ||||||||||
36 | North Dakota | https://deq.nd.gov/MF/CWSRF/ | CWSRF | fixed | fixed rate | Fixed rate of 1.5% | up to 30-year terms | loan term cannot exceed asset useful life | 0.5% administrative fee paid with loan repayments | Fees used for administrative costs | In the spring of each year, a letter of interest is sent to all potential CWSRF loan recipients asking for information regarding new clean water projects for which they may be interested in pursuing CWSRF assistance. Systems that respond are provided a project ranking questionnaire. Eligible projects for which ranking questionnaires are returned are ranked and included on the PPL as part of the IUP development process. In the fall of each year, following public review and comment, the IUP is finalized and subsequently included in the grant application to the EPA. Once the IUP is finalized, systems with projects on the PPL may apply for CWSRF assistance. Depending on the complexity of the project, the NDDEQ and/or The North Dakota Public Finance Authority (PFA) may schedule a meeting to explain the program, answer any questions that the system may have, and assist the system as needed. The NDDEQ assesses the applicant's technical and managerial capability and ensures that other programmatic requirements are met. The PFA reviews the financial information and assesses the applicant's financial capability. Loan application packets can be obtained from the PFA’s website here. All items in the loan application, including the CWSRF attachment, must be completed. One copy of the signed application must be submitted to the NDDEQ at the address listed on the instruction page of the application. The NDDEQ will send a copy of the loan application to the PFA for its review. | Not specified | No DAC definition. Affordability criteria looks to income, unemployment data, population trends, and relative future wastewater cost index. ND has chosen not to offer additional subsidies to communities with affordability issues | Not specified | planning, design, and construction costs eligible | Planning Assistance Reimbursement (PAR) grants available for predevelopment for up to $15,000 | Title 61-28.2-01 https://codes.findlaw.com/nd/title-61-waters/nd-cent-code-sect-61-28-2-01 | https://deq.nd.gov/MF/CWSRF/ | ||||||||||
37 | Ohio | https://epa.ohio.gov/divisions-and-offices/environmental-financial-assistance/financial-assistance/wpclf | WPCLF | tiered | market rate | Design and Planning loans with term of five years or less, 0% interest; standard rate based on MMD Index; small communities standard rate to 0.5%; hardship community tier 1, 0%; hardship community tier 2, 1% | maximum five year terms for design and planning loans; up to 45 years for construction loans | loan term cannot exceed asset useful life | 0.2% of annual interest rate | Fees deposited in account dedicated to administrative costs of WPCLF program; additionally uses 4% set-aside from federal capitalization grants | 1. Loan Application 2. Rate Legislation 3. Borrowing Authorization 4. Engineer's Estimate/Engineering Agreement 5. Capital Improvement Plan 6. Financial/Revenue Analysis | None -rolling basis | Disadvantaged community is not specifically defined, but Ohio does establish the following criteria for determining disadvantaged communities: (a) Economic affordability. To be eligible for designation, applicants shall serve communities or populations with costs per user for water and sewer services that are greater than the statewide values. (b) Health related issues. To be eligible for designation, an applicant shall demonstrate the presence of indicators of serious public health risks. Applicants with more serious public health risks are more likely to be designated than those with less serious health risks. (c) Median household income in the area served by the applicant as determined by the most recent final and released U.S. census. Applicants serving communities or populations with median household incomes less than the statewide median household income are more likely to be designated than those serving communities or populations with median household incomes equal to or higher than the statewide median household income. (d) Population. Applicants serving relatively small populations are more likely to be designated than those serving larger populations. (e) Poverty rate in the area served by the applicant as determined by the most recent data from the U.S. Census Bureau. Applicants serving communities or populations with a poverty rate greater than the statewide poverty rate will be more likely to be designated than those serving populations with lower poverty rates. | Public or private entities | planning, design, and construction costs eligible | Specific short-term planning and design loans offered at 0% interest | https://codes.ohio.gov/ohio-revised-code/section-6111.036 | https://epa.ohio.gov/divisions-and-offices/environmental-financial-assistance/financial-assistance/wpclf | ||||||||||
38 | Oklahoma | https://oklahoma.gov/owrb/financing/clean-water-state-revolving-fund-loans.html | CWSRF | 60% | market rate | Rate set at 60% of MMD AAA scale, plus 0.4% to 0.76% to account for rate risk for shortest to longest maturities | maximum term of 30 years | loan term cannot exceed asset useful life | 0.5% administrative fee on unpaid principal balance | Fees cover administrative costs of operating CWSRF program; additional 4% set-aside of federal capitalization grants for administrative costs | 1. Submit Project Priority List (PPL) placement request letter 2. Submit supporting documentation 3. Complete Financial Information Forms | None -rolling basis | DAC not defined. However, Oklahoma does have affordability criteria that is based on an entity's adjusted per capita income as it compares to the United States adjusted per capita income. | Counties, towns, municipalities, public works authorities, school districts, districts formed under Title 82 (water conservancy districts, rural sewage districts, irrigation districts) | planning, design, and construction costs eligible | Design and planning expenses eligible | Title 785 Chapter 50 Subchapter 9 https://www.law.cornell.edu/regulations/oklahoma/title-785/chapter-50/subchapter-9 | https://oklahoma.gov/owrb/financing/clean-water-state-revolving-fund-loans.html | ||||||||||
39 | Oregon | https://www.oregon.gov/deq/wq/cwsrf/pages/default.aspx | CWSRF | tiered | market rate | Rates based on average 20-year municipal bond rate published by Federal Reserve; 30-year terms subject to rate premium based on demographics; shorter terms have lower rates; rates updated quarterly | maximum term of 30 years | loan term cannot exceed asset useful life | 0.5% annual administrative fee on unpaid principal balance | Fees support program administrative expenses; fees may be banked in separate administrative fund; for FY 24, CWSRF will not utilize set-aside of capitalization grants toward administrative costs | 1. Project Proposal 2. Preliminary Engineering Report 3. Environmental Report | None -rolling basis | Oregon does not define disadvantaged community in the clean water context. Oregon does define "distressed county" and "distressed city outside of a county." (1) The following are the four factors used to determine a distressed county: (a) The state's unemployment rate divided by the county's unemployment rate; (b) The county's per capita personal income divided by the state's per capita personal income; (c) The change in the county's average covered payroll per worker over a two year period; (d) The sum of the change in the county's employment over a two year period; (2) A city outside of a county identified as distressed may be designated as distressed when its variable values are below the designated threshold value as determined by at least three of the four indicators listed below. The threshold values for each of the four indicators shall be determined by using reliable data from each of the distressed counties based on a demonstrated methodology, as approved by the director of the department. Threshold values are calculated using the most recent 5 year American Community Survey data from the U.S. Census Bureau. (a) Percentage of city population 25 years old and over with a bachelor's degree or higher. The threshold value for variable A is the percentage of Oregon population 25 years old and over with a bachelor's degree or higher. If the percentage of city population 25 years old and over with a bachelor's degree or higher is higher than the percentage of Oregon population 25 years old and over with a bachelor's degree or higher, this value is above the threshold and not distressed. (b) The city's unemployment rate. The threshold value for variable B is Oregon's unemployment rate. If the city's unemployment rate is lower than Oregon's unemployment rate, this value is below the threshold and not distressed. (c) Percentage of the city population 3 years of age and over, excluding those enrolled in college undergraduate and graduate or professional school, below the poverty level. The threshold value for variable C is the percentage of Oregon population 3 years of age and over, excluding those enrolled in college undergraduate and graduate or professional school, below the poverty level. If the percentage of the city's population 3 years of age and over, excluding those enrolled in college undergraduate and graduate or professional school, below the poverty level is lower than the percentage of Oregon population below the poverty level, this value is below the threshold and not distressed. (d) The city's per capita personal income. The threshold value for variable D is Oregon's per capita personal income. If the city's per capita personal income is higher than Oregon per capita personal income, this value is higher than the threshold and not distressed. (3) A county, city, or other geographic area that has demonstrated in writing, through a Temporary Distressed Petition, to the satisfaction of the director of the department, that it is suffering or is likely to suffer economic distress equal to or greater than those counties and cities qualifying as distressed areas under subsections (1) and (2) of this section. The director shall have the authority to declare counties, cities, and other geographic areas distressed as allowed under the Temporary Methodology for Determining Distressed Areas, OAR 123-024-0046. | Public agencies, tribal nations, cities, counties, sanitary districts, soil and water conservation districts, irrigating distractions, various special districts and certain intergovernmental entities. | Construction of publicly owned treatment works Construction of publicly owned treatment works (as defined in CWA section 212) Nonpoint source Implementation a state nonpoint source pollution management program, established under CWA section 319 National estuary program projects Development and implementation of a conservation and management plan under CWA section 320 Decentralized wastewater treatment systems Construction, repair, or replacement of decentralized wastewater treatment systems that treat municipal wastewater or domestic sewage Stormwater Measures to manage, reduce, treat, or recapture stormwater or subsurface drainage water Water conservation, efficiency, and reuse Reduce the demand for publicly owned treatment works capacity through water conservation, efficiency, or reuse Watershed pilot projects Development and implementation of watershed projects meeting the criteria in CWA section 122 Energy efficiency Measures to reduce the energy consumption needs for publicly owned treatment works Water reuse Projects for reusing or recycling wastewater, stormwater, or subsurface drainage water Security measures Measures to increase the security of publicly owned treatment works Technical assistance An eligible borrower may contract for technical assistance to plan, develop, and obtain financing for CWSRF eligible projects and to assist each treatment works in achieving compliance with the CWA. In some cases, DEQ can provide free technical assistance. | Separate planning and design loans that receive additional subsidization (principal forgiveness) up to between 50-100% | ORS 468.427 https://secure.sos.state.or.us/oard/displayDivisionRules.action?selectedDivision=1471 | https://www.oregon.gov/deq/wq/cwsrf/pages/default.aspx | ||||||||||
40 | Pennsylvania | https://www.dep.pa.gov/Business/Water/CleanWater/InfrastructureFinance/Pages/default.aspx | CWSRF | formula | fixed rate | Minimum rate set at 1%; Maximum interest rates are determined by comparing the unemployment rate of the county in which the project is located to the statewide average unemployment rate. The figures used for unemployment rate comparison are the rates from the previous calendar year as reported by the Pennsylvania Department of Labor and Industry. For projects that serve multiple counties, the highest unemployment rate of the counties involved shall be used. For projects located within municipalities for which unemployment rates exist which would qualify the project for lower interest rates than if the relevant county unemployment rate were used, the unemployment rate of that municipality may be used in determining the interest rate of the loan. If the county unemployment rate exceeds the statewide average unemployment rate by 40% or more, the maximum interest rate allowable for projects in that county is 1% for the first five years of the term, and 25% of the interest rate the Commonwealth must pay for the bonds it has issued to finance the program for the remainder of the term; some supplemental grant available for financially distressed communities | standard 20-year terms; up to 30-year terms available | must qualify as DAC; loan term may not exceed asset useful life | No fees | 4% set-aside from capitalization grants for administrative expenses | 1. Funding Application 2. Planning Meeting 3. Cost-Effectiveness Analysis 4. Alternatives Analysis 5. Engineering Cost Estimates 6. Financial Information Form 7. Financial Planning Meeting | None -rolling basis | Pennsylvania defines a disadvantaged community by utilizing a financial capability analysis that compares various community specific demographic data to similarly situated communities across the Commonwealth to determine a percent of the community’s adjusted median household income (MHI) that should be available to pay for sewer service. The amount that should be available to pay for sewer service by residential customers will range from one to two percent of the community’s adjusted MHI dependent upon the specific socio-economic factors that are provided by the Pennsylvania Department of Community and Economic Development. | Public and private entities eligible (for nonpoint projects) | Loans may finance planning, design, and construction phase activities for wastewater, stormwater, and nonpoint source pollution control projects | 2% technical assistance set-aside | 25 PA Code Section 965.1 http://www.pacodeandbulletin.gov/Display/pacode?file=/secure/pacode/data/025/chapter963/chap963toc.html&d= | https://www.dep.pa.gov/Business/Water/CleanWater/InfrastructureFinance/Pages/State-Revolving-Fund.aspx | ||||||||||
41 | Rhode Island | https://dem.ri.gov/environmental-protection-bureau/water-resources/financial-assistance/clean-water-state-revolving | CWSRF | 66% | market rate | Interest is subsidized at 66% (33% below) the state's borrowing rate | 20-year terms | none | 1% loan origination fee on all loans; 0.3% service fee charged by Rhode Island Infrastructure Bank | Origination fees cover program administrative expenses; service fee covers Bank's operating expenses | 1. Pre-Application Meeting 2. Project Notification Form 3. Preliminary Engineering Report (PER) 4. Environmental Assessment 5. Financial/Cash Flow Model Information | None -rolling basis | A disadvantaged community is defined using Rhode Island's affordability criteria. After applying the Criteria, entities with an Affordability Index less than the statewide average may qualify for additional subsidization such as principal forgiveness. Indexed entities are grouped into tiers, with tiers further below the statewide average qualifying for increased levels of subsidization. The Affordability Index is calculated using the statutorily required variables in the following formula: Affordability Index = Median Household Income * Employment Rate * Population Ratio. a. Median Household Income is a widely accepted metric of resident’s ability to afford the cost of infrastructure projects. A community with higher median household income suggests higher ability to afford the cost of infrastructure. b. Employment Rate represents the resident employment size divided by the size of the total labor force in the community. Higher employment rates suggest that a community has more residents able to afford the cost of infrastructure than a community with lower rates. c. Population Ratio is the ratio of the current US Census Bureau population to the previous Census population expressed as a percentage. A percentage greater than 100% indicates communities with a growing population, and a percentage less than 100% indicates a shrinking population. A growing population indicates an increasing ratepayer base to absorb infrastructure costs. As a state, Rhode Island’s population slightly increased from 2000 to 2010. Large wastewater and drinking water systems serving over 10,000 users shall be tiered based on the tier of the community they serve. Small wastewater and drinking water systems serving 10,000 users or less shall be tiered based on median household income from either an income survey or census tract data. Eligible systems with an Affordability Index 70% or less of the statewide average shall be designated a tier 1 entity; systems with an Affordability Index between 71% and 85% shall be designated a tier 2 entity; systems with an Affordability Index between 86% and 100% of the statewide average shall be designated a tier 3 entity. | Local governmental units, persons, corporations, and sewer authorities | Planning, design, and construction expenses | 2% technical assistance set-aside; specific loan products for design and planning | https://rules.sos.ri.gov/regulations/part/250-150-20-1 | https://dem.ri.gov/environmental-protection-bureau/water-resources/financial-assistance/clean-water-state-revolving | ||||||||||
42 | South Carolina | https://des.sc.gov/programs/bureau-water/state-revolving-fund-srf-program | CWSRF | tiered | fixed rate | Standard rate of 1.4%; 1.2% small system rate based upon qualifying criteria; 1.2% green infrastructure rate; 50 basis points (0.5%) added for 30-year loan terms; terms below 15 years reduced by 20 to 40 basis points (0.2-0.4%) | up to 30-year term | loan term may not exceed asset useful life; blended amortizations provided for assets with different useful life | 0.35% closing fee charged on all loans except for any project receiving principal forgiveness | Fees used to conduct the financial functions of the SRFs under state law | 1. Pre-Application Form 2. Loan Application 3. Preliminary Engineering Report (PER) 4. Outstanding Debt List 5. List of Water Rates 6. Documentation of Public Hearing and Resolution for Application 7. Environmental Review Documentation 8. Lobbying Certification Form 9. Capacity Development Survey 10. Previous Three Years of Audited Financial Statements | None -rolling basis | South Carolina's Clean Water State Revolving Fund (CWSRF) Intended Use Plan does not define disadvantaged community. However, it does offer principal forgiveness for eligible projects for small systems (population less than 10,000) with a median household income (MHI) less than the State MHI that cannot qualify for a CWSRF loan, or; a sustainable system owner willing to assume ownership of an unsustainable or abandoned system. | Municipalities, counties, and special purpose districts | A CWSRF loan may include the costs of project planning and services incurred prior to construction (e.g., costs associated with preparing the PER, plans and specifications, advertising, pre-bid conference, bidding procedures, pre-construction conference, loan application, administration, or creating a watershed-based plan; Construction costs include the costs associated with the construction of the project by a contractor; Equipment that is directly purchased by the sponsor for the project, such as pumps, generators, etc., is eligible. Materials such as pipe, valves, brick, mortar, etc., that are directly purchased by the sponsor are eligible. The materials may be installed either by a contractor or by the sponsor using its own employees and equipment. Eligibility is limited to the costs of materials | planning and design costs eligible; technical assistance available through CWSRF | https://www.scstatehouse.gov/code/t48c005.php | https://scdhec.gov/index.php/bow/state/environmental-loans-grants-businesses-communities-5 | ||||||||||
43 | South Dakota | https://danr.sd.gov/Funding/EnviromentalFunding/CWRevolvingFunding.aspx | CWSRF | tiered | market rate | Rates based on market and tiered based upon loan term and type of financing (interim, base, and nonpoint source incentive); rates from 1.75% to 3% | up to five-year terms for interim financing; maximum 30-year terms for other loans | term cannot exceed useful life of project | 0.25% administrative surcharged rolled into interest rate | Fees used to establish pool of funds for administrative purposes | 1. Loan Application 2. Most Recent Audited Financial Statements 3. Financial Information Form 4. Facilities Plan 5. Capacity Assessment | By January 1, April 1, July 1, or October 1 | All applicants will be awarded points to determine principal forgiveness eligibility as follows: five points if an applicant's median household income is equal to or less than 80 percent of the statewide median household income; three points if an applicant's median household income is equal to or less than the statewide median household income and greater than 80 percent of the statewide median household income; one point if the applicant's 2010 census population is less than the applicant's 2000 census population; and one point if an applicant's county unemployment rate is greater than the statewide unemployment rate. If the boundaries of an applicant are located in more than one county, the unemployment rate of the county with the largest percentage of the applicant's population will be used. Applicants must receive a minimum of five points to be eligible for principal forgiveness. | Governmental entities or nonprofit | planning, design, and construction phase expenses eligible | interim loans (5 years or less) available for bridge financing | 46A-1-60.1 https://sdlegislature.gov/Statutes/46A-1-60.1 | https://danr.sd.gov/Funding/EnviromentalFunding/CWRevolvingFunding.aspx | ||||||||||
44 | Tennessee | https://www.tn.gov/environment/program-areas/wr-water-resources/srfp/srf-home/clean-water-state-revolving-fund.html | CWSRF | formula | market rate | Rates based on market index assigned using Ability to Pay Index (ATPI); market benchmarks are Bond Buyer and Municipal Market Data GO Yields, generally 40-100% of market after ATPI formula is applied based on income and demographic factors | maximum 30-year term | loan term cannot exceed useful life of project | 0.08% loan fee charged on all loans | Fees support sustainable funding source and reduce SRF program reliance on state appropriations for match funding | 1. Project Desription 2. Cost Estimates 3. Engineering Reports 4. Environmental Reviews 5. Financial Information 6. Public Participation Documentation 7. Compliance Documentation 8. Capacity Assessment | None -rolling basis | Small and disadvantaged communities are eligible for standard principal forgiveness or the priority project program if the proposed projects meet specific eligibility requirements: 1. Communities must have a population of 10,000 or less; 2. Communities must have an ATPI of 50 or less; 3. Projects must be on the current CWSRF Priority Ranking List; 4. Projects shall be ready to proceed (based on type of loan); 5. Entity must pass a financial sufficiency review by Tennessee Department of Environment and Conservation State Revolving Fund; 6. May not be combined with other forms of principle forgiveness; 7. Must have submitted the last three years of audited financial statements submitted to the Tennessee Comptroller of the Treasury, Division of Local Government Audit. | Cities, counties, utility districts, and stormwater authorities. | planning, design, and construction phase expenses for wastewater, stormwater, nonpoint source pollution control, I&I, combined sewer overflow, and other related activities | Specific planning and design loans provided; set-aside available for technical assistance and administration (up to 1/5 percent of current fund valuation) | Not available | https://www.tn.gov/environment/program-areas/wr-water-resources/srfp/srf-home/clean-water-state-revolving-fund.html | ||||||||||
45 | Texas | https://www.twdb.texas.gov/financial/programs/CWSRF/index.asp | CWSRF | 60-65% | market rate | Rates set as percentage reduction from the Thomson Reuters Municipal Market Data (MMD); rates set five business days prior to adoption of financing ordinance/resolution or execution of financial assistance agreement | maximum 30-year term | loan term cannot exceed useful life of project | loan origination fee of 1.75% assessed at closing | Accumulated fees may be used for administrative costs, project oversight, long-term financial monitoring, and special program initiatives; 1/5 percent of fund set-aside for administrative and technical assistance expenses | 1. Submit Letter of Intent for Project Priority Listing 2. Submit Application for Loan | March 1 | Disadvantaged community means an area meeting criteria established by Texas Water Development Board rule, which criteria shall be based on measures that may include single-family residential property valuation, income levels of residents of the area, or other similarly appropriate measures. An eligible disadvantaged community consists of all of the following: 1. The service area of an eligible applicant, the service area of a community that is located outside the entity’s service area, or a portion within the entity’s service area if the proposed project is providing new service to existing residents in unserved areas; and 2. meets the following affordability criteria: (a) Has an Annual Median Household Income (AMHI) that is no more than 75 percent of the state median household income using an acceptable source of socioeconomic data, and (b) the Household Cost Factor (HCF) that considers income, unemployment rates, and population trends must be greater than or equal to 1 percent if only water or sewer service is provided or greater than or equal to 2 percent if both water and sewer service are provided. | Eligible applicants for the CWSRF program include cities, counties, districts, river authorities, designated management agencies, authorized Indian tribal organizations, and public and private entities proposing nonpoint source or estuary management projects. | planning, acquisition, design, and/or construction expenses eligible | Specific planning and design loans available; technical assistance available | https://texreg.sos.state.tx.us/public/readtac$ext.ViewTAC?tac_view=4&ti=31&pt=10&ch=375 | https://www.twdb.texas.gov/financial/programs/CWSRF/index.asp | ||||||||||
46 | Utah | https://deq.utah.gov/water-quality/financial-assistance-programs-water-quality | CWSRF | variable | market rate | set upon project priority ranking based upon Revenue Bond Buyer Index (RBBI) as base rate | generally 30 years; up to 40 years for DACs | qualification as DAC for 40-year term (lesser of 40 years or useful asset life) | 1% loan origination fee on principal loan amount | Fee revenue used for program administration expenses | 1. Project Identification 2. Screening Application 3. Debt Authorization 4. Project Finance Application | None -rolling basis | A community qualifies as disadvantaged when the community demonstrates hardship based on its cost of sewer service relative to 1.4% of the median adjusted gross household income (MAGI), unemployment, poverty level, or economic trends. | Construction for publicly owned wastewater treatment works; Private or public entities eligible for nonpoint source pollution projects (see state regulatory code link) | construction-phase wastewater, nonpoint source pollution, stormwater, and related expenses; only loans in construction phase may be closed | 2% set-aside for technical assistance | http://utrules.elaws.us/uac/r317-102 | https://deq.utah.gov/water-quality/financial-assistance-programs-water-quality | ||||||||||
47 | Vermont | https://dec.vermont.gov/water-investment/water-financing/cwsrf | CWSRF | fixed | fixed rate | currently offered at 0% interest | up to 20 years; up to 40 years for DACs | qualification as DAC; 40 years or asset useful life, whichever is lesser | 0-2.75% administrative fee (1.5% reduction for DACs) | Fees deposited in separate administrative account and used primarily for administrative support (staff salaries, loan underwriting costs, software support) | 1. Project Identification 2. Screening Application 3. Debt Authorization 4. Project Finance Application | None -rolling basis | Vermont does not define disadvantaged community in the clean water context. However, Vermont does have affordability factors that it considers, including: (A) median household income (MHI); (B) unemployment rate; and (C) population trends. 10 V.S.A. § 1628. Vermont's draft Clean Water Intended Use Plan defines hardship communities to include communities that qualify under at least two of the criteria: a. MHI: The project is located in a municipality with a MHI at or less than the statewide average MHI. b. User costs: The project that will result in an annual household user cost for sewer and stormwater that exceeds two percent of the MHI. • c. Unemployment: The project is located in a municipality with an unemployment rate that is unknown, or at or higher than the statewide median unemployment rate. d. Population trends: The project is located in a municipality with a 10-year population trend that shows a population loss of greater than one percent. e. Other demonstrated hardship: This criterion recognizes there may be unforeseen hardships that do not meet the requirements of the other key criteria. The applicant would have the responsibility of demonstration to the program, in writing, is a financial hardship. The program would have the discretion of accepting this request. | Municipalities and private entities | planning, design, and construction expenses for wastewater, stormwater, nonpoint source pollution control, related projects | Specific planning and design loans available; technical assistance available | https://law.justia.com/codes/vermont/2022/title-24/chapter-120/section-4753/ | https://dec.vermont.gov/water-investment/water-financing/srf/intended-use-plans | ||||||||||
48 | Virginia | https://www.deq.virginia.gov/our-programs/water/clean-water-financing-and-assistance/virginia-clean-water-revolving-loan-fund-vcwrlf | VCWRLF | tiered | market rate | Rates based on MMD Yield and tiered by term length; 20-year ceiling rate 1.5% discount from market; 25-year ceiling rates 1.25% discount from market; 30-year ceiling rate 1.0% discount from market | maximum 30-year term | loan term may not exceed useful life of asset | annual 0.2% administrative fee collected with loan payments | Fees intended to help support of administrative costs of program; additional 1/5 percent set-aside from capitalization grants for administrative and technical assistance costs | 1. Proposed Financing 2. Project Information 3. Project Description 4. Project Issues 5. Project Schedule and Readiness to Proceed Documentation 5. Technical, Managerial, and Financial Review Section 6. Project Budget 7. Sustainability (Asset Management Plan) | July or August 2024 | No DAC definition. Virginia awards subsidization amounts based off of hardship. The affordability criteria to determine hardship are as follows: median household income; unemployment rate; and population trends. | Counties, cities, towns, districts, authorities, or other public bodies; others eligible for other programs under VCWRLF | construction-phase wastewater, nonpoint source pollution, stormwater, and related expenses; only loans in construction phase may be closed; no loans will be closed until all program planning and design requirements have been satisfied | 1/5 percent set-aside partially to support technical assistance | https://law.lis.virginia.gov/vacodefull/title62.1/chapter23/ | https://www.deq.virginia.gov/our-programs/water/clean-water-financing-and-assistance/virginia-clean-water-revolving-loan-fund-vcwrlf | ||||||||||
49 | Washington | https://ecology.wa.gov/water-shorelines/water-quality/water-quality-grants-and-loans | CWSRF | tiered | market rate | Rates based on average 11-Bond GO Index rate for 30-180 period prior to new funding cycle at 80%, 60%, or 30% of market; rates tiered based upon loan term; 5-year term, 0.4-0.5%; 20-year term, 0.7-1.1%; 30-year term, 1.1-1.4%; additional rate discounts for financial hardship | maximum 30-year term | loan term may not exceed useful life of asset | none | Administrative set-aside for related costs | 1. Submit Pre-Application 2. Final Loan Application | None -rolling basis | No DAC definition. PF based upon hardship: existing residential population is 25,000 or less; or financing without subsidy would cause exist residential sewer fees to be two percent or more of the MHI; or MHI for service area is less than 80% of state MHI | Public and private entities | preconstruction costs (planning/design) and construction-phase expenses | 2% set-aside for technical assistance; preconstruction loans for predevelopment | https://apps.leg.wa.gov/wac/default.aspx?cite=173-98 | https://ecology.wa.gov/water-shorelines/water-quality/water-quality-grants-and-loans/wqc-funding-cycle | ||||||||||
50 | West Virginia | https://dep.wv.gov/WWE/programs/SRF/Pages/default.aspx | CWSRF | formula | fixed rate | The eligibility criterion for low interest loan consideration will be based upon 3,400 gallons of monthly water usage. The DEP will use this criterion to determine the interest rate on loans. The maximum allowable term of the loans will be determined using the following range of user rates and MHI data: Less than 1.5% MHI: 2.75% interest rate, .25% annual admin fee, 20-year term 1.5% to 1.74% MHI: 1.75% interest rate, .25% annual admin fee, 21 - 30-year term 1.75% to 2.0% MHI: .75% interest rate, .25% annual admin fee, 21 - 30-year term Greater than 2% MHI: 0.25% interest rate, .25% annual admin fee, 31 - 40-year term | maximum 40-year term | loan term may not exceed useful life of asset | 0.25% annual administrative fee | Fees support administrative costs of operating the CWSRF | 1. Complete Preliminary Application 2. Apply for Inclusion in next Project Priority List (PPL) | None -rolling basis | No DAC definition. West Virginia uses the following criteria to determine whether to provide subsidization for a disadvantaged community: income based upon percent of median household income; unemployment data; and population trends. | Public and private entities | construction-phase costs for wastewater, nonpoint source pollution control, stormwater, green infrastructure, related projects | none | https://casetext.com/regulation/west-virginia-administrative-code/agency-47-water-resources-division-of-water-and-waste-management/title-47-legislative-rule-department-of-environmental-protection-division-of-water-resources/series-47-31-state-water-pollution-control-revolving-fund/section-47-31-4-fund-establishment-and-administration | https://dep.wv.gov/WWE/programs/SRF/Pages/default.aspx | ||||||||||
51 | Wisconsin | https://dnr.wisconsin.gov/aid/EIF.html | CWFP | 55-70% | market rate | Rate based on 20-year AAA rate from Municipal Market Advisors (MMA) Municipal High Grade GO Index; discount from market based on loan term length | generally 20 years; up to 30 years available | loan term may not exceed useful life of asset | 0.25% service fee on outstanding loan balance rolled into annual interest rate | Fees support administrative costs of CWFP; 1/5 percent set-aside of total fund value for administrative costs | 1. Identify Problem and Contract with Engineering Consultant 2. Notice of Intent to Apply (ITA) and Priority Evaluation & Ranking Formula (PERF) 3. Loan Application | October 31st | No DAC definition. PF available based upon affordability criteria. The following factors are included in Wisconsin's affordability criteria: median household income, population, population projections over 20 years, and county unemployment rate. | Municipalities | construction-phase costs for wastewater, nonpoint source pollution control, stormwater, green infrastructure, related projects | none | https://casetext.com/regulation/wisconsin-administrative-code/agency-department-of-natural-resources/environmental-protection-general/chapter-nr-162-clean-water-fund-program | https://dnr.wisconsin.gov/aid/projectListsIUPs.html | ||||||||||
52 | Wyoming | https://lands.wyo.gov/grants-loans/loans/clean-water-state-revolving-funds | CWSRF | variable | market rate | Rates from 0-2.5% based on market indices; generally higher rate for longer terms | generally 20-years; maximum 30-year repayment erm | loan term may not exceed useful life of asset; green project reserve projects eligible for 0% interest and 30-year financing | 0.5% origination fee at closing | Fees support reasonable administrative costs of the CWSRF; additional 4% set-aside from capitalization grants for administrative expenses | 1. Project Proposal 2. Preliminary Engineering Report 3. Environmental Report | None -rolling basis | No DAC definition. Wyoming does have affordability criteria based on income data, unemployment data, and population trends. | Municipalities, counties, state agencies, special districts, and joint powers boards | construction-phase costs for wastewater, nonpoint source pollution control, stormwater, green infrastructure, related projects | none | https://casetext.com/regulation/wyoming-administrative-code/agency-060-lands-and-investments-office-of/subagency-0003-loan-and-investment-board/chapter-30-clean-water-state-revolving-fund-cwsrf | https://deq.wyoming.gov/water-quality/water-wastewater/state-revolving-loan-fund/ | ||||||||||
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