The U.S. Environmental Protection Agency (EPA) is releasing $6.5 billion Water Infrastructure Finance and Innovation Act (WIFIA) program and state infrastructure financing authority WIFIA (SWIFIA) program to accelerate investment in critical water infrastructure through flexible financing that can support a wide range of projects in both large and small communities.
EPA Administrator Michael S. Regan said: “EPA’s $6.5 billion in water infrastructure funding will provide more than $13 billion in water infrastructure projects while creating more than 40,000 jobs. Today’s announcement illustrates the multiple benefits of investing in water infrastructure—better public health and environmental protection, job creation, and economic development. These benefits would be taken to new heights under President Biden’s American Jobs Plan.”
EPA’s WIFIA loan program has become one of the most effective tools used to upgrade the U.S. nation’s infrastructure. To date, EPA’s 49 WIFIA loans are providing more than $9.3 billion in credit assistance to help finance nearly $20 billion for water infrastructure while creating approximately 49,000 jobs and saving ratepayers over $4 billion. This round of WIFIA funding will provide up to $5.5 billion to support $11 billion in water infrastructure projects and prioritises five areas: Supporting economically stressed communities; Protecting water infrastructure against the impacts of climate change; Reducing exposure to lead and addressing emerging contaminants; Updating aging infrastructure; and Implementing new or innovative approaches including cybersecurity and green infrastructure.
The EPA also announced funding under SWIFIA. This program, which was authorised by Congress as part of the America’s Water Infrastructure Act (AWIA) of 2018, offers low-interest loans to state water infrastructure programs that then help finance needed water infrastructure projects in local communities. This round of funding will provide SWIFIA borrowers up to $1 billion to support $2 billion in water infrastructure projects.
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