Created in 1987 by the Clean Water Act, the Environmental Protection Agency (EPA) provided all 50 states seed money to capitalize state loan funds. The states then in turn help sewer systems by financing high-priority water-quality activities.
The Bond Bank and DEP jointly administer the CWSRF. The Bond Bank serves as the financial administrator and financial manager and DEP serves as the environmental and project manager for the program.
All publicly owned wastewater treatment facilities.
Examples of eligible projects include but are not limited to:
Applications are accepted continuously during the year.
At or below-market interest rates.
There is no minimum loan amount. The DEP will determine the maximum loan amount based on availability of funds and project eligibility.
As costs associated with the SRF program change periodically, please visit our website or contact the Bond Bank for a current fee schedule.
Between 1 and 30 years. In all cases, the maximum loan term may not exceed the useful life of the financed asset. Short-term, interim loans are available to applicants.
Payments are due twice a year, usually in April and October. The first payment is due within one year from project completion.
Both interim and long-term financing options require that the funds be drawn-down through requisitions, as the SRF is a reimbursement program.
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Local bond counsel serves a critical role in confirming the legality of debt issuances. Engaging counsel in the early stages will ensure that they will be able to provide a legal opinion, which is a loan program participation requirement.
Download a printable PDF version of our approved list of bond counsel.