Illinois EPA invests over $66M in drinking water, wastewater projects in FY 24 first half

$4.6 million in loan forgiveness granted to loan recipients

Illinois Environmental Protection Agency (Illinois EPA) Director John J. Kim announced the investment of more than $66 million through water infrastructure loans to local governments and water districts for the first half of Fiscal Year 2024 (July – December 2023).

The Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. Of that investment, more than $4.6 million in loan forgiveness was provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.

“Through our State Revolving Fund, Illinois EPA works in partnership with our communities to provide crucial funding to help ensure clean water and a healthier environment,” said Director Kim. “These programs enable communities in Illinois to take significant steps to update or replace outdated and failing water infrastructure.”

Illinois EPA’s SRF includes two loan programs, the Water Pollution Control Loan Program which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program for drinking water projects. Both programs provide funding at a low interest rate of just 1.81 percent for State FY24.

These SRF programs receive federal capitalization funding annually, which is combined with state matching funds, interest earnings, repayment money, and periodic bond sale proceeds, 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.

A complete list of FY24 first and second quarter loan recipients is below. For more information about Illinois EPA’s SRF, visit https://epa.illinois.gov/topics/grants-loans/state-revolving-fund.html.