$40 million to upgrade local wastewater systems in New YorkStaff Writer | February 9, 2017
The New York State Environmental Facilities Corporation Board of Directors approved more than $40 million in interest-free and low-cost loans to support vital wastewater infrastructure projects across New York State.
Empire State Interest-free and low-cost loans
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. ■