Nearly $15 million in principal forgiveness granted to loan recipients
The Illinois Environmental Protection Agency (Illinois EPA) has announced the issuance of $254,355,659 in water infrastructure loans to local governments and sanitary districts for the fourth quarter of Fiscal Year 2022 (April – June 2022).
The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. Thirty-three (33) of the forty-eight (48) loans qualified for a total of $14,950,368 in Disadvantaged Community Principal Forgiveness, providing additional benefits to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
In total for all of State Fiscal Year 2022, Illinois EPA issued $557,559,375 in wastewater, stormwater and drinking water infrastructure loans, which included $58,730,372 in Principal Forgiveness.
“The Illinois EPA’s State Revolving Fund loan programs provide vital funding which enables communities to address ongoing challenges associated with aging water infrastructure,” said Director John J. Kim. “This funding provides for the continued protection of drinking water, the proper collection of stormwater, and the necessary treatment of wastewater, resulting in an improved quality of life for Illinois residents and protection of our environment.”
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. The 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 FY2020-2024 are being provided through Governor Pritzker’s bipartisan Rebuild Illinois Capital Plan thus increasing the funding capacity of both loan programs.
A complete list of FY22 fourth-quarter loan recipients is included. For more information about Illinois EPA’s SRF, visit https://www2.illinois.gov/epa/topics/grants-loans/state-revolving-fund/Pages/default.aspx.