In August, the U.S. Environment Protection Agency revealed plans to award $30.5 million in State Revolving Funds to Arizona, in an effort to help protect surface water and provide safe drinking water to residents.
This is part of a larger initiative in which the EPA will use SRFs to fund $2.7 billion in water infrastructure improvements across the U.S. In 2020, the EPA awarded $1.6 billion in new federal grant funding for the Clean Water State Revolving Fund — $10.7 million to Arizona — and 1.07 billion for the Drinking Water State Revolving Fund — $19.8 million to Arizona.
Arizona’s State Revolving Fund
The Water Infrastructure Finance Authority of Arizona funds communities throughout the state through the CWSRF and DWSRF programs. This financing helps local communities create and maintain a safe wastewater and drinking water infrastructure.
WIFA has invested more than two billion dollars in Arizona’s water infrastructure, according to its website. Specifically, there currently more than 280 active SRFs and over 40 projects currently under construction.
Project applications are accepted on a year-round basis. There is no deadline for applications for the CWSRF and DWSRF programs. The WIFA board meets six times annually, making it easy for interested parties to apply.
WIFA doesn’t charge application fees, closing costs, or origination fees. Borrowers receive a discounted interest rate, which effectively lowers their interest expenses to 70-95% of WIFA’s tax-exempt borrowing costs.
About CWSRFs and DWSRFs
The CWSRF program is a federal-state partnership. WIFA serves as the administrator for Arizona, offering local communities low-cost financing for a variety of water quality infrastructure projects. This includes loans, refinancing, purchasing, or guaranteeing local debt and purchasing bond insurance. Loan terms are tailored to fit the borrower’s unique needs.
In an effort to help public and private water systems across the state comply with the Safe Drinking Water Act, the DWSRF program offers low-cost financing — i.e., loans, technical assistance, and forgivable principal — to approved applicants. Loan terms vary, and like the CWSFR, terms are customized to fit each borrower’s needs.
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