SPRINGFIELD – The communities of West Frankfort and Enfield are among 17 recipients statewide that will receive a part of nearly $205 million through water infrastructure loans in the third quarter of Fiscal Year 2024, which runs from January through March.
According to the Illinois Environmental Protection Agency, the Illinois EPA State Revolving Fund (SRF) Program provides low-interest loans that fund wastewater, stormwater, and drinking water projects. Of that investment, more than $20.6 million in loan forgiveness was provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
Illinois EPA’s SRF includes two loan programs, the Water Pollution Control Loan Program which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program for drinking water projects. Both programs provide funding at a low interest rate of just 1.81 percent for State FY24. These SRF programs receive federal capitalization funding annually, which is combined with state matching funds, interest earnings, repayment money, and periodic bond sale proceeds, to form the source of financing for these infrastructure projects.
The state matching funds for State FY 2020-2024 are being provided through Governor Pritzker’s bipartisan Rebuild Illinois Capital Plan, thus increasing the funding capacity of both loan programs.
West Frankfort has been awarded $719,000 with principal forgiveness of $323,560 to construct an ultraviolet disinfection system. The improvements will allow the city to improve their collection system infrastructure while providing customers with adequate collection of sewer flows.
Enfield has been awarded $316,981 with principal forgiveness of $158,491 to replace 445 water meters and install a radio read system to reduce maintenance needs and increase meter accuracy.
Click here to find the full list of Fiscal Year 2024 third quarter loan recipients.
