U.S. Environmental Protection Agency announced a $340 million low-cost loan for a Philadelphia water infrastructure revitalization plan.
President Joe Biden and Vice President Kamala Harris were in Philadelphia Feb. 3 to announce the funding provided under the Water Infrastructure Finance and Innovation Act (WIFIA), according to a U.S. Environmental Protection Agency news release.
"At EPA, we're committed to ensuring access to clean, safe water for all," EPA Administrator Michael S. Regan said in the release. "Thanks to the Biden-Harris administration's historic investment in water infrastructure upgrades, we're delivering on that commitment for communities across this nation. With the funds announced today, the city of Philadelphia will be able to upgrade its aging system for the 1.6 million people that depend on it, ensuring no one has to worry about access to safe, affordable drinking water."
EPA estimates Philadelphia will save about $4 million through the WIFIA funding program and that construction and operation will create approximately 100 jobs, according to the release. The initial $19.8 million loan will modernize drinking water infrastructure by replacing 160 lead service lines and 15 miles of water mains.
The WIFIA program, established in 2014, is a federal loan and guarantee program administered by EPA that aims to accelerate investment in the nation’s water infrastructure through long-term, low-cost supplemental credit assistance, the release reported. WIFIA provided 97 loans, amounting to $17 billion in credit assistance, to finance $36 billion in water infrastructure projects nationwide.
"This commitment will provide an immense boost to Philadelphia's ongoing efforts to ramp up water main replacement and help sustain our recently launched 25-year, multibillion-dollar Water Revitalization Plan, investments that will result in direct health and safety benefits for all Philadelphians," Philadelphia Water Department Commissioner Randy E. Hayman said in the news release. "Replacing miles of water mains in these neighborhoods will also strengthen our campaign to replace customers' lead service lines as we renew and improve the city's infrastructure. This represents the biggest investment in drinking water infrastructure in a generation, and we would not be able to do this work without this level of federal investment."
