Astoria improves local water quality
In 2009, Business Oregon helped the city of Astoria fund the design and installation of floating covers and liners at two open water reservoirs, which was mandated by the state and federal governments.
These loan programs fund drinking water system improvements needed to maintain compliance with the Federal Safe Drinking Water Act.
The Safe Drinking Water Fund is funded by yearly grants from the U.S. Environmental Protection Agency (EPA) and matched with funds from the state Water/Wastewater Financing Program. The program is managed by the Oregon Health Authority, Drinking Water Services and the loans are managed by the Oregon Infrastructure Finance Authority (IFA).
Funding is available for all sizes of water systems, although 15 percent of the funds are reserved for systems serving a population of fewer than 10,000.
Owners of water systems that provide service to at least 25 year-round residents or systems that have 15 or more connections (or a nonprofit with 25 or more regular users). Owners can be a nonprofit, private party or municipality, but systems cannot be federally owned or operated.
A funded project must solve an existing or potential health hazard or noncompliance issue under federal/state water quality standards. The following are the main types of eligible activities:
Money cannot be used for:
SDWRLF loan amount: The program provides up to $6 million per project (more with proper addtional approval) with the possibility of subsidized interest rate and principal forgiveness for a Disadvantaged Community.
Terms:The standard loan term is 20 years or the useful life of project assets, whichever is less, and may be extended up to 30 years under SDWRLF for a Disadvantaged Community. Interest rates are 80 percent of state/local bond index rate.
DWSPF loan amount:The maximum loan is $100,000 per project.
Step 1: Letter of Interest. An owner of a water system must submit a Letter of Interest.
Step 2: Final Application. According to the available funds for the federal fiscal year, the rating and ranking scores create a separate priority list for SDWRLF and DWSPF that determines what projects are allowed to make final application to the IFA.
Program information and procedures change frequently. For more in-depth information and to make sure that the proper steps are being taken to assess the viability of your project, please contact the Regional Coordinator for your area.
Oregon's smart implementation of federal business financing tools as well as its approach to innovation investment has been nationally recognized as a model for its efficiency and effectiveness.