NEW YORK – Governor Andrew M. Cuomo today announced the New York State Environmental Facilities Corporation Board of Directors approved more than $40 million in grants and interest-free and low-cost loans to support vital wastewater infrastructure projects across New York State.
“This funding will support local wastewater infrastructure projects that protect the environment, create jobs and bolster resiliency in communities across New York,” Governor Cuomo said. “With our major investments in water infrastructure, we are ensuring a stronger, healthier New York for generations to come.”
Recognizing that demand continues to exceed available resources, the FY 2018 Executive Budget includes the proposed Clean Water Infrastructure Act of 2017 which will invest $2 billion in clean water infrastructure and source water protection. This will bolster the funds available for grants through the Water Infrastructure Improvement Act of 2015 and other important water quality initiatives.
Today’s Board approval will provide much needed financial assistance for seven wastewater projects in Upstate New York and on Long Island, including over $4.7 million in grants that were awarded in the second round of funding made available pursuant to the Water Infrastructure Improvement Act. The grants, along with the interest-free and low-interest loans provided by EFC allows municipalities to finance these projects at a significantly lower rate than financing on their own. Nearly 60 percent of the loans approved today are interest free.
The approved projects at the February 9 meeting include:
Environmental Facilities Corporation President and CEO Sabrina M. Ty said, “Governor Cuomo has taken unprecedented steps to ensure that water-quality and public health projects continue to move forward in an expeditious manner for New York State communities. The combination of grants and low cost loans on projects not only makes them more affordable, but will also provide meaningful taxpayer savings.”
Environmental Facilities Corporation Chair and Department of Environmental Conservation Commissioner Seggos said, “Governor Cuomo is committed to helping communities across New York State update vital wastewater infrastructure projects and these Environmental Facilities Corporation grants are helping to make this vision a reality. With these grants and loans, local communities can prioritize their wastewater infrastructure needs to protect local residents and ensure access to clean drinking water.”
Department of Health Commissioner Dr. Howard Zucker said, “Communities across New York State face fiscal challenges as they confront vital infrastructure upgrades necessary for clean drinking water and proper wastewater disposal. Today’s investment by the Environmental Facilities Corporation is another example Governor Cuomo’s commitment to a healthier New York by providing resources to preserve and protect drinking water supplies throughout the state.”
The Environmental Facilities Corporation Board also approved the issuance of up to $1.6 billion to refund certain bonds on behalf of the New York City Municipal Water Finance Authority which will result in significant savings.
New York State leads the nation with the largest annual investment in water-quality infrastructure of any state. Since 2011, New York has financed more than $11 billion in critical water and wastewater infrastructure investments—the largest six-year investment since the inception of the revolving loan funds in 1987.