New $1 Million Great Lakes Water Infrastructure Loan Fund Supporting Improved Water Quality in the Great Lakes Region
FOR IMMEDIATE RELEASE
Contact Information: Jake Adams, Senior Advisor, Conservation & Infrastructure Finance, jadams@policyinnovation.org
Washington, D.C. - September 5, 2024 - The Environmental Policy Innovation Center (EPIC) is pleased to announce the establishment of the Great Lakes Water Infrastructure Loan Fund to support project predevelopment activities for underserved municipalities and water utilities.
The purpose of this loan fund is to accelerate water infrastructure projects in the Great Lakes, and ultimately, to ensure clean and safe water throughout the region. The program is open to underserved communities in Illinois, Michigan, or Wisconsin who have a direct connection with the Great Lakes or any of their tributaries or drainage basins. Communities will receive predevelopment (planning/design) technical and financial assistance to help secure infrastructure project application funding through available federal programs.
“Local leaders in the Great Lakes understand the immense value of clean, safe, and affordable water for our residents, but accessing federal and state funds for water infrastructure projects can become burdensome for smaller communities like mine,” said Mayor Ken Johnson of Muskegon, MI, a member of the Great Lakes and St. Lawrence Cities Initiative and recipient of water infrastructure technical assistance from EPIC. “The Great Lakes Water Infrastructure Loan Fund will provide crucial support, helping municipalities expedite water infrastructure projects and maximize benefits for their communities.”
Aging wastewater infrastructure, poor stormwater management, agricultural runoff, and industrial discharge pose significant threats to Great Lakes communities and to water quality throughout the region. These challenges continue to persist and threaten the environment and public health in Great Lakes states. Financial assistance, now available through federal water infrastructure funds, provides much-needed aid to address the many risks to water quality.
The Great Lakes Water Infrastructure Loan fund is designed to speed project development, enable more efficient infrastructure upgrades, expand innovative approaches, and provide timely water quality solutions. Loans will cover predevelopment costs - which include preliminary engineering reports, asset management planning, financial audits, rate studies, bid document preparation, and other planning/design related expenses – associated with State Revolving Fund (SRF) or United States Department of Agriculture (USDA) loan applications. The cost of loan interest and principal may be reimbursed with eventual proceeds of the SRF or USDA award.
IFF, a community development financial institution (CDFI) headquartered in Chicago, will act as loan servicer. IFF has a strong track record of working with underserved communities and an extensive lending portfolio throughout the Great Lakes region. “At IFF, we believe strategic partnerships are key to creating thriving communities,” said Dana Lieberman, SVP chief lending officer at IFF. “We are excited to partner with the Environmental Policy Innovation Center and the Great Lakes Protection Fund to deliver this critical funding and to be a part of creating meaningful change across the Great Lakes region.”
This program is supported by a $1 million loan commitment to IFF from the Great Lakes Protection Fund (GLPF), and another $650,000 in support for technical assistance by EPIC and others. GLPF is a publicly-capitalized, private corporation with seven Great Lakes states as its members. GLPF finances numerous innovation projects focused on the health of the Great Lakes. “GLPF’s mission is to protect and restore the Great Lakes ecosystem,” said David Rankin, Executive Director of GLPF. “The historic federal funding now available can assist communities in need with vital infrastructure improvements that will do just that—make our region healthier. We are excited to work with the Environmental Policy Innovation Center and IFF in establishing this loan fund.”
“Developing effective, resilient, and sustainable projects requires a community to pull together technical and financial resources and connect to critical public funds. This is not an easy feat for any community, but may be especially difficult for those who are underserved. There are unprecedented levels of federal funds available right now through the Bipartisan Infrastructure Law, and so we are thrilled to partner with IFF and GLPF to launch a new resource to help communities take advantage of this moment. This water infrastructure loan fund will improve public health and protect natural resources throughout the region and for years to come,” said Denise Schmidt, EPIC’s Funding Navigator Director.
Interested communities can learn about eligibility and submit a request for assistance on EPIC’s website at www.policyinnovation.org/funding-navigator. Simply include ‘Great Lakes Loan Fund’ in the description of your water infrastructure challenge or concern.
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About Environmental Policy Innovation Center
The Environmental Policy Innovation Center (EPIC) is a nonprofit organization whose mission is to build policies that deliver spectacular improvements in the speed and scale of environmental progress. We deliver data-driven policy analysis, innovation, and technical assistance to eliminate disparities across water systems and ensure more residents across the country have access to safe and accessible drinking water. To learn more, please visit our website at: www.policyinnovation.org