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State Revolving Fund Program announces loan forgiveness award recipients

  • 3/23/2023 2:36:00 PM
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The State Revolving Fund Program has chosen eight projects to receive loan forgiveness from the 2022 Clean Water SRF (CWSRF) Base Program and 2022 CWSRF Bipartisan Infrastructure Law General Supplemental Funds. The CWSRF Program funds wastewater treatment, sewer rehabilitation, and storm water quality improvements, as well as nonpoint source projects.

The awarded projects are the second and final round of projects to receive loan forgiveness  from the Fiscal Year 2022 CWSRF Base and BIL General Supplemental Funds. The awarded projects were required to be one of the five priority project types, required to meet the SRF Program’s Disadvantaged Community definition, and were considered based on readiness to proceed on a first-come, first-served basis. All of the awarded projects have executed a loan with the SRF Program. 

In total, the eight projects have been awarded $7,380,400 in loan forgiveness. Waterloo and Traer will receive loan forgiveness from the CWSRF Base Program, with Waterloo receiving a maximum of 80% loan forgiveness of the final amount drawn on their loan and Traer receiving a maximum of 60%.

The remaining 6 projects will receive their loan forgiveness from the CWSRF BIL General Supplemental Funds with the final Wastewater Reclamation Authority (WRA) project listed below receiving the balance of loan forgiveness funds available from both funding sources. These awards are all capped at $1 million.

In order of most disadvantaged to least, and in priority project ranking order, the projects are:

SRF Borrower

SRF Project #

Executed Loan Amount

Max Loan Forgiveness %

 OR

(cap of $1 million)

Funding Source

Waterloo

CS1920811 04

  $1,068,000

80%

CWSRF Base

Traer

CS1920999 01

  $877,000

60%

CWSRF Base

Jefferson

CS1921005 01

  $19,750,000

cap of $1 million

CWSRF BIL GS

Ackley

CS1920863 02

  $3,760,000

cap of $1 million

CWSRF BIL GS

Victor

CS1921029 01

  $1,932,000

cap of $1 million

CWSRF BIL GS

WRA

CS1920955 01

  $26,400,000

cap of $1 million

CWSRF BIL GS

WRA

CS1920934 02

  $11,000,000

cap of $1 million

CWSRF BIL GS

WRA

CS1921033 01

  $3,600,000

cap of $1 million

CWSRF Base & BIL GS

The full Intended Use Plan, which includes the SRF Program’s loan forgiveness selection criteria and more information on how the SRF Program defines Disadvantaged Communities, can be found at iowasrf.com.

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