ALBANY, N.Y. -- Governor Andrew Cuomo recently announced that the New York State Environmental Facilities Corporation Board of Directors approved more than $32 million in grants and interest-free loans to support vital drinking water and wastewater infrastructure projects across New York State. This funding will provide much-needed assistance for one drinking water project and six wastewater projects in Upstate New York. This funding includes nearly $5 million in grants that were awarded last summer in the second round of funding through the 2015 Water Infrastructure Improvement Act.
"Investments in our water infrastructure are critical to helping ensure the continued vitality and future prosperity of communities across New York," said Governor Cuomo. "This funding will provide cities, towns and villages across the state with modernized, sustainable water systems, protecting our precious resources and securing a healthier future for all New Yorkers."
Recognizing that municipalities simply cannot keep pace with their ever-expanding water infrastructure needs, this year’s enacted budget included the $2.5 billion Clean Water Infrastructure Act of 2017. This dramatic infusion of capital funds builds upon the progress made through WIIA by providing an additional $1 billion in grants to New York State communities. The Act also creates a new program which will provide grants specifically for inter-municipal water projects.
The grants, along with the interest-free and low-interest loans provided by EFC allow municipalities to finance these projects at a significantly lower rate than financing on their own.
Additionally, 94 percent of the loans approved are interest free.
SOURCE: Office of Governor Andrew Cuomo