MDEQ News Release: Four Communities Earn Local Infrastructure Loans
Michigan Department of Environment, Great Lakes, and Energy sent this bulletin at 06/27/2017 09:30 AM EDT
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For Immediate Release: June 27, 2017
Contact: Sonya Butler, MDEQ Drinking Water & Municipal Assistance Division, butlers2@michigan.gov, 517-284-5433 Melody Kindraka, MDEQ Public Information Officer, kindrakam1@michigan.gov, 517-284-6716
Four Communities Earn Local Infrastructure Loans
The Michigan Department of Environmental Quality (MDEQ) announced today more than $14 million in loans to fund municipal water and sewer projects to improve water quality and public health. The loans include $700,000 in principal loan forgiveness for employing green practices or because of a disadvantaged community status.
The Clean Water State Revolving Fund (SRF) provides low-interest loan financing for necessary wastewater and stormwater improvements. The Drinking Water Revolving Fund (DWRF) provides low-interest loan financing for necessary public drinking water facility improvements. A portion of the SRF and DWRF is provided from the U.S. Environmental Protection Agency through capitalization grants.
With interest rates below those otherwise available in the open market, funding infrastructure projects through these two state administered loan programs allows the communities to pass the savings along to their system customer base.
Receiving SRF loan assistance:
Receiving DWRF loan assistance:
The SRF was established in 1988 and has since provided low-interest loans totaling more than $4.663 billion. The DWRF was established in 1997 and has since provided low-interest loans totaling more than $896 million.
If you would like more information on the SRF and DWRF loan programs, visit http://www.michigan.gov/cleanwaterrevolvingfund or http://www.michigan.gov/drinkingwaterrevolvingfund.
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