FY 2024 State Revolving Fund interest rates
The Michigan Department of Environment, Great Lakes, and Energy (EGLE) is pleased to announce the fiscal year 2024 (FY24) interest rates for the State Revolving Funds (SRF) have been established.
EGLE’s Water Infrastructure Funding and Financing Section (WIFFS) assists municipalities in their efforts to protect public health and the environment through the administration of low interest loans. The SRF loans offer eligible municipalities and water suppliers opportunities to construct and improve water pollution control and drinking water facilities and associated infrastructure. The loans are provided through the Drinking Water State Revolving Fund (DWSRF), Clean Water State Revolving Fund (DWSRF) and the Strategic Water Quality Initiatives Fund (SWQIF).
These FY24 rates are based on demand for financing in the coming year, anticipated future demand, consideration of market rates and evaluation of additional costs to borrowers for program participation. The FY24 SRF Interest Rates have been established as follows:
|
Loan Program
|
Interest Rate
(%)
|
Overburdened
Interest Rate
(%)
|
Significantly
Overburdened
Interest Rate
(%)
|
|
Drinking Water State Revolving Fund (DWSRF)
|
|
20-year loans
|
2.50
|
2.00
|
1.00
|
|
30-year loans
|
2.75
|
2.00
|
1.00
|
|
40-year loans
|
N/A
|
2.00
|
1.00
|
|
Clean Water State Revolving Fund (CWSRF)
|
|
20-year loans
|
2.50
|
2.00
|
1.00
|
|
30-year loans
|
2.75
|
2.00
|
1.00
|
|
Strategic Water Quality Initiatives Fund (SWQIF)
|
2.50
|
2.00
|
1.00
|
The SRF interest rates are established each fiscal year. Projects that score within the fundable range on the associated fiscal year’s Intended Use Plan and Project Priority List are eligible for low interest SRF loan funding.
Loan applicant process guidance for the DWSRF, CWSRF and SQWIF programs is available on EGLE’s SRF website along with Overburdened and Significantly Overburdened definitions.
For general SRF information, visit our CWSRF and DWSRF websites. For questions, email EGLE-WIFFS@Michigan.gov; call 517-284-5433; or reach out to the SRF Project Manager located in your EGLE district office.
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