New York governor secures over $108.8 million for local water infrastructure projects
(UI) — Governor Kathy Hochul announced that the Environmental Facilities Corporation Board of Directors approved over $108.8 million in funding for water infrastructure improvement projects across New York State.
The Board’s approval authorizes municipal access to over $88.9 million in low-cost short-term financing and previously announced grants to get shovels in the ground for critical water and sewer infrastructure projects, including treatment processes to remove emerging contaminants from drinking water.
“New York State continues to provide unprecedented financial support to help communities upgrade water systems and improve water quality,” Governor Hochul said. “Providing funding and resources to help local governments get shovels in the ground for water infrastructure improvement projects is a top priority, and we'll continue working together to modernize our infrastructure and provide safe, reliable water systems for generations to come.”
Approved funding includes a $66.5 million financing package to Nassau County for the ongoing construction of the Bay Park Conveyance Project. It’s part of New York State’s $425.6 million financial commitment to a critical project that is strengthening resiliency and mitigating flooding at Nassau County’s clean water facilities and improving water quality in the Reynolds Channel.
The Board also took action to help ensure continued, long-term affordability of seven existing projects. The Board approved over $19.9 million in long-term interest-free financing to municipalities to provide savings on debt service for these projects.
The Board's approvals include financing through the Clean Water State Revolving Fund and Drinking Water State Revolving Fund, and grants already announced pursuant to the Water Infrastructure Improvement and Intermunicipal Grant programs.
The Board approved long-term refinancing for seven existing projects totaling $19.9 million. Short-term financing provides capital for design and construction of projects. Once project construction is completed, the short-term financing is typically refinanced to long-term financing for up to 30 years, saving municipalities significant interest expenses versus financing on their own.
Long-term interest-free financing was approved by the Board for clean water projects in Cooperstown in Otsego County, Coxsackie in Greene County, Homer in Cortland County, Kingston in Ulster County, Oakfield in Genesee County, and Tonawanda in Erie County, as well as a drinking water project by the Dutchess County Water and Wastewater Authority. Based on current market conditions, these long-term financings are projected to save ratepayers an estimated $37.8 million in interest payments and previously authorized grants over the life of the financings.
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