SPRINGFIELD – The Illinois Environmental Protection Agency (Illinois EPA) is announcing the issuance of $85,956,802 in water infrastructure loans to local governments and water districts for the third quarter of Fiscal Year 2023 (January – March 2023). The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. A total of $13,326,437 in loan forgiveness was provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
“Communities throughout Illinois are facing significant challenges as they address aging infrastructure, and Illinois EPA is pleased to provide financial assistance to so many of them to help with those efforts,” said Director John J. Kim. “So far in fiscal year 2023, Illinois EPA has already invested nearly $232 million in our state’s drinking water and wastewater infrastructure, and there are more communities in line to receive future funding from the program. These funds not only provide for safe drinking water and protect our water resources, but they also bring good jobs to each community.”
Illinois EPA’s SRF includes two loan programs, the Water Pollution Control Loan Program (WPCLP) which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program (PWSLP) for drinking water projects. Both programs provide funding at a low interest rate of just 1.24 percent for State FY23. These programs receive federal capitalization funding annually, which is combined with state matching funds, interest earnings, repayment money, and the sale of bonds, to form the source of financing for these infrastructure projects. The state matching funds for State FY2020-2024 are being provided through Governor Pritzker’s bipartisan Rebuild Illinois Capital Plan thus increasing the funding capacity of both loan programs.
In our area, the City of West Frankfort will receive $688,790.24 to replace 1,424 water meters, install a new meter reading system and related appurtenances. The project will allow the city to upgrade their water meters and better account for water usage. The principal forgiveness amount for the project is the amount the city is receiving from the state.
The Elverado Water District in Jackson County will receive $333,009,67 to repaint and repair its 100,000 gallon elevated water tank on Dowell Road. The exterior of the tank will be sandblasted and recoated. The district has already repaid a loan for repainting the interior of the tank and now intends to repaint the exterior. The principal forgiveness amount for the project is $166,504.83.
The City of Jonesboro will receive $515,576.04 to rehabilitate a 261,000 gallon standpipe. This will include pressure washing, sealant and bolt cap replacement, new appurtenances and the installation of passive cathodic protection. The principal forgiveness amount for the project is $257,788.02.
Click here to find a complete list of FY23 third quarter loan recipients.
For more information about Illinois EPA’s SRF, visit https://epa.illinois.gov/topics/grants-loans/state-revolving-fund.html.