New Jersey Infrastructure Bank Pool selected to apply for $149 million in funding for statewide water system projects
NEW YORK (October 22, 2019) – The U.S. Environmental Protection Agency (EPA) is inviting a total of 38 projects in 18 states to apply for Water Infrastructure Finance and Innovation Act (WIFIA) loans. Together, the selected borrowers will apply for WIFIA loans totaling approximately $6 billion to help finance over $12 billion in water infrastructure investments and create almost 200,000 jobs.
“Through WIFIA, EPA is playing an integral role in President Trump’s efforts to improve and upgrade our nation’s water infrastructure and ensure all Americans have access to clean and safe water,” said EPA Administrator Andrew Wheeler. “This announcement highlights billions of dollars in needed water infrastructure investments to upgrade aging infrastructure, reduce exposure to lead and emerging contaminants and improve the lives of millions of Americans across the country – all while creating almost 200,000 jobs.”
“Investments in water infrastructure help protect New Jersey’s environment and boost the economy,” said EPA Region 2 Administrator Pete Lopez. “EPA’s WIFIA program is an important finance tool the federal government is affording states and organizations to improve water infrastructure.”
EPA’s WIFIA loans will allow communities across the country to implement projects to address national water priorities – including providing for clean and safe drinking water by reducing exposure to lead and emerging contaminants, addressing aging water infrastructure and developing water recycling and reuse projects. Specifically, eight of the selected projects are water reuse or recycling projects, 11 projects will reduce lead or emerging drinking water contaminants, and 33 will address aging infrastructure. EPA received 51 letters of interest from both public and private entities in response to the 2019 WIFIA Notice of Funding Availability (NOFA).
After a robust, statutorily required review process, the WIFIA Selection Committee chose the New Jersey Infrastructure Bank Pool to apply for a $149 million loan. The project will expand the reach of the New Jersey State Revolving Fund Program and allow it to support additional projects across the state. The purpose of the project is to enable New Jersey Infrastructure Financing Authority to provide additional financing for the construction and improvement of clean water and drinking water facilities and systems that protect the state's natural resources and public health.
To learn more about the 38 projects that are invited to apply, visit: https://www.epa.gov/wifia/wifia-selected-projects.
Established by the Water Infrastructure Finance and Innovation Act of 2014, the WIFIA program is a federal loan and guarantee program administered by EPA. WIFIA’s aim is to accelerate investment in the nation’s water infrastructure by providing long-term and low-cost supplemental credit assistance for regionally and nationally significant projects. EPA’s WIFIA program plays an important part in President Trump’s infrastructure plan, which calls for expanding project eligibility. The WIFIA program has an active pipeline of pending applications for projects that will result in billions of dollars in water infrastructure investment and thousands of jobs.