The U.S. Environmental Protection Agency (EPA) announced a $500 million loan to the New Jersey Infrastructure Bank to modernize wastewater and drinking water systems serving more than 10 million people throughout the state. This is the first loan issued through the State Infrastructure Financing Authority Water Infrastructure Finance and Innovation Act (SWIFIA) program, which provides loans exclusively to state infrastructure financing authority borrowers, commonly known as state revolving fund programs.
“The EPA is thrilled to announce our 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,” said EPA Assistant Administrator for Water Radhika Fox. “With EPA’s low-interest WIFIA loan, New Jersey will invest in more than 90 communities across the Garden State and create 16,000 jobs while saving approximately $62.5 million. The Biden Administration is proud to expand our successful WIFIA program to now offer dedicated loans to state infrastructure financing authorities.”
Thanks to EPA’s SWIFIA loan and funding from the New Jersey State Revolving Fund provided by the New Jersey Department of Environmental Protection, over 90 communities across the Garden State will be able to implement critical water infrastructure projects — remediating contaminated groundwater, replacing lead service lines, and installing filtration systems to protect drinking water from PFAS contamination. These infrastructure investments will help communities maintain compliance with regulatory requirements, manage flooding, and improve climate change resiliency. Projects that will receive SWIFIA funding are located throughout the state, including in 36 small communities and 39 disadvantaged communities.
“From critical resilience projects to the replacement of lead service lines, New Jersey remains at the forefront of innovative water infrastructure solutions,” said Gov. Phil Murphy. “The EPA’s SWIFIA loan will further solidify New Jersey’s status as a national model for water infrastructure, which serves as the foundation for healthy communities. In addition to helping our state secure safe, healthy, and efficient wastewater and drinking water systems for all New Jerseyans, the EPA’s support will also help generate good-paying jobs in our expanding water workforce.”
The SWIFIA program is housed within EPA’s WIFIA program. SWIFIA loans allow state infrastructure finance authorities to offer additional low-cost financing to communities and accelerate important water infrastructure projects.
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