The U.S. Environmental Protection Agency confirmed $6.5 billion in new funding for water infrastructure projects.
The funding is available for the EPA Water Infrastructure Finance and Innovation Act program and the State Infrastructure Financing Authority program "to support $13 billion in water infrastructure projects while creating more than 40,000," according to a June 13 news release.
"Water infrastructure provides the foundation for healthy and vibrant communities by delivering safe drinking water and returning our treated wastewater to the environment," EPA Assistant Administrator for Water Radhika Fox said in the release. “In too many communities, these essential pipes and pumps are decades old and need to be upgraded. That’s why EPA is providing $6.5 billion in low-cost financing through WIFIA and SWIFIA that can help revitalize our water systems while creating good paying jobs and delivering significant economic benefits, especially in underserved and overburdened communities.”
According to the release, the WIFIA loan program gives benefits to water infrastructure improvements around the country. As of June 2022, the agency has closed 88 WIFIA loans. Combined, these loans are giving out more than $15 billion in credit assistance to help pay for around $33 billion in water infrastructure while at the same time providing around 100,000 jobs and saving ratepayers more than $5 billion.
