This week, the State Water Resources Control Board (State Water Board) announced its approval of low-interest financing terms for water recycling projects. Beginning immediately, the State Water Board's Division of Financial Assistance is offering $800 Million in loans at an interest rate of one percent (about half the current interest rate) for water recycling projects that can be completed within three years of Governor Brown's January 17 declaration of a drought emergency.
State Water Board Chair Felicia Marcus said, "The Governor's Drought Proclamation directs us to accelerate funding for water supply enhancement projects that can break ground soon." She added, "Offering very low interest financing will provide an immediate incentive to construct more water recycling projects. And when coupled with the longer term financing option we approved late last year, this action will accelerate the production of nearly 150,000 acre-feet annually of new water for beneficial use when these projects reach completion. Californians will feel the benefit of this additional drought-proof water, year after year, for decades to come."
Between January 2011 and January 2014, the Water Recycling Funding Program awarded almost $400 Million in funding for water recycling planning and construction projects. The newly approved low-interest funding is yet another financial incentive to encourage California's public agencies to proactively implement water-efficiency measures that benefit their communities.
Projects eligible for this new financing incentive include projects for recycled water treatment, distribution and storage facilities. Applications for funding are due by December 2, 2015, and are accepted continuously. The Financial Assistance Application, forms, instructions, and video tutorials are available at: http://www.waterboards.ca.gov/water_issues/programs/grants_loans/srf/srf_forms.shtml
Public agencies that would like assistance with preparing the documents necessary to apply for water recycling project financing are welcome to contact Teresa Chen at email@example.com, or (562) 699-5500.
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