The U.S. Environmental Protection Agency (EPA) has granted its first loan from a program specifically intended for "state infrastructure financing authority borrowers," a.k.a. "state revolving-fund programs," the agency announced Jan. 5.
The New Jersey Infrastructure Bank received a $500 million loan through the State Infrastructure Financing Authority Water Infrastructure Finance and Innovation Act (SWIFIA) program, according to the announcement, "to modernize wastewater and drinking water systems serving over 10 million people throughout New Jersey," the EPA states.
EPA Assistant Administrator for Water Radhika Fox said the agency "is thrilled" to report the first SWIFIA loan to New Jersey, "a state that is making great strides in utilizing water infrastructure investments to improve access to clean, safe water for all residents.”
New Jersey Gov. Phil Murphy (back row, center left) and New Jersey Sen. Cory Booker (back center right) in 2018.
| Office of Cory Booker/Wikimedia Commons
Fox said with the low-interest loan, the state can invest in more than 90 communities, create approximately 16,000 jobs and save approximately $62.5 million.
Critical water infrastructure projects in the Garden State include remediating contaminated groundwater, replacing lead service lines, and installing filtration systems to protect drinking water from PFAS contamination throughout the state, the EPA reports. The improvements will help communities to comply with regulations, control flooding and develop resiliency to climate change, according to the report.
New Jersey Sen. Cory Booker (D) said he is "excited" that New Jersey is receiving the first SWIFIA loan, saying in the announcement that the "historic infusion of federal funds" will "create hundreds of jobs" as well as "address contaminants in drinking water, install water filtration systems, and replace lead pipes across our state.”
New Jersey Gov. Phil Murphy (D) said in the report that the SWIFIA loan “will further solidify New Jersey’s status as a national model for water infrastructure.”
“From critical resilience projects to the replacement of lead service lines, New Jersey remains at the forefront of innovative water infrastructure solutions,” Murphy said in the announcement.
