The Iowa Finance Authority and the Iowa Department of Natural Resources have awarded loans from the state’s revolving loan fund to a number of Eastern Iowa communities for sewer and water projects.
Independence in Buchanan County will receive a $1.6 million low interest loan for sewer treatment improvements.
Awarded zero interest loans for sewer planning and design were:
• Tipton in Cedar County — $435,000
• Ely in Linn County — $160,100
• Traer in Tama County — $500,000
• Brighton in Washington County — $426,000.
A total of 17 Iowa communities were approved for loans totaling $64 million from the revolving loan fund. Polk County was the largest recipient with three loans for sewer treatment, totaling $35 million.
Iowa communities and municipalities have received a total of nearly $3.3 billion in construction loans and more than $240 million in planning and design loans since the program’s inception.
“Water infrastructure upgrades made possible by the state revolving fund benefited nearly 900,000 Iowans last year alone,” Bruce Trautman, acting director of the Iowa Department of Natural Resources, said in a news release.
“This financing can help communities of all sizes as they face a wide array of water quality improvement needs.”
The U.S. Environmental Protection Agency provides annual capitalization grants to states. Leveraged bonds and loan repayments expand the reach of the federal investment.
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More than $3 in assistance has been leveraged for Iowa water quality projects for every $1 of federal funds.