Brocton, Silver Creek and Westfield were three of 17 municipalities in western New York to receive funding for water and sewer infrastructure projects.
New York state's Clean Water State Revolving Loan Fund, the nation's premier loan program for local wastewater systems, is marking its 25th year of operation with a low-cost financing program available to virtually any local government in the state.
A new business model instituted at Environmental Facilities Corporation is now allowing more municipalities than ever before to receive infrastructure loans at subsidized interest rates as low as zero percent. This year, $1.3 billion in projects are slated for financing, with as many as 17 projects in western New York ready to proceed.
At Thursday's meeting of the EFC Board of Directors, short-term loans totaling more than $85 million were approved, 17 loans slated for financing in WNY, more than 100 infrastructure projects statewide have or are expected to close loans worth $1.3 billion from the current federal fiscal year.
The village of Brocton is eligible for $4,754,540. Silver Creek was approved for $4,801,970 for improvements to its wastewater treatment plant required from a Department of Environmental Conservation consent order and $4,604,148 for a waterline replacement project. The village of Westfield is eligible for $5,650,000.
EFC's new business model allows shovel-ready projects to receive immediate financing. Nearly half of the projects slated for financing are benefiting from this new business model. In the past, these projects would have to wait behind higher-scoring projects, even if those higher-rated projects were not ready to proceed.
"With our new business model, we are assisting more local governments in protecting public health, improving the environment and expanding economic development opportunities through new or improved wastewater systems," Matthew Driscoll, president and CEO of the NYS EFC, said. "Millions of New Yorkers have benefited from New York state's Clean Water State Revolving Loan Fund, the largest and most-active clean water fund in the nation, and now we can help even more localities to improve their infrastructure before a problem occurs."