State revolving fund 1 how the program works 2 how federal stimulus funds will be used
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State Revolving Fund 1) How the Program Works 2) How Federal Stimulus Funds Will be Used. Lori Beary, Iowa Finance Authority Patti Cale-Finnegan, Department of Natural Resources. *. State Revolving Fund.

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State revolving fund 1 how the program works 2 how federal stimulus funds will be used

State Revolving Fund1)How the Program Works 2) How Federal Stimulus Funds Will be Used

Lori Beary, Iowa Finance Authority

Patti Cale-Finnegan, Department of Natural Resources


State revolving fund

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State Revolving Fund

The SRF is one of Iowa’s primary sources of financing for drinking water and wastewater infrastructure projects


State revolving fund1

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State Revolving Fund

Jointly administered by the Iowa Department of Natural Resources and the Iowa Finance Authority


Growth of srf

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Growth of SRF


Growth of srf1

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Growth of SRF


Drinking water srf
DrinkingWater SRF

  • Loans for:

    • Improvements to public water supply systems

    • Consolidations and connections

    • Source water protection

  • DWSRF set-asides fund technical assistance, capacity development, state drinking water program, SWP


Clean water srf
Clean Water SRF

  • Loans for:

    • Publicly owned wastewater treatment facilities

    • Sewer system rehabilitation

    • New systems for unsewered communities

    • Stormwater management for water quality


Types of loans

*

Types of Loans

  • Planning & design

  • Construction

  • Source water protection

  • Watershed protection


Srf infrastructure projects fy08
SRF Infrastructure Projects (FY08)

Drinking Water

Wastewater


Nonpoint source loans
Nonpoint Source Loans

  • Private landowners for soil conservation practices

  • Livestock producers for manure management

  • Rural homeowners to replace inadequate septic systems


Nonpoint source loans1
Nonpoint Source Loans

  • Communities and private developers for storm water quality management

  • Watershed groups for land acquisition

  • Communities for brownfield and landfill cleanups



Srf and arra

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SRF and ARRA

  • American Recovery and Reinvestment Act funnels some drinking water and water quality dollars through SRF

  • As an existing program, can get funds allocated quickly

  • Iowa will receive $53 million for CWSRF, and $24 million for DWSRF


Srf and arra1

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SRF and ARRA

  • Primary Objectives:

    • “To preserve and create jobs and promote economic recovery”

    • “To invest in transportation, environmental protection, and other infrastructure that will provide long-term economic benefits”

    • “To assist those most impacted by the recession”

    • “To stabilize state and local government budgets”

    • “To provide investments need to increase economic efficiency by spurring technological advances in science and health”


Srf and arra2

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SRF and ARRA

  • Half the funds must be in the form of loan forgiveness

    • $26.5 million for CWSRF

    • $12 million for DWSRF


Srf and arra3

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SRF and ARRA

  • Intended Use Plans

    • Iowa’s strategies for meeting the goals of the ARRA.

    • The plan for allocating the $77 million in stimulus funds, including 50% for forgivable loans and 20% for “green” projects.

    • The method for determining which projects may receive stimulus funds -- disadvantaged community criteria.

    • A list of “shovel-ready” projects.


Srf and arra4

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SRF and ARRA

  • Projects must be “shovel-ready” – working with current SRF projects

    • Must have construction permits as needed

    • Must have environmental review completed

    • Must have gone to bid using SRF and special stimulus front-end requirements


Srf and arra5

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SRF and ARRA

  • Applicants must be “disadvantaged”

    • Median Household Income (MHI) as % of statewide average

    • Water or sewer rates as % of MHI

    • System debt

    • Unemployment levels


Srf and arra6

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SRF and ARRA

  • Additional requirements: Davis-Bacon prevailing wages

    • Previously not a requirement for SRF

    • Applies to CDBG projects

    • In Clean Water Act reauthorization and likely to be permanent in CWSRF


Srf and arra7
SRF and ARRA

  • Additional requirements: Buy American

    • 100% of iron, steel, and manufactured goods must be made in U.S.

    • Waiver provision in case U.S. made products not available or if cost of project increases 25%

    • Waiting for guidance on certifications


Srf and arra8
SRF and ARRA

  • Clean Water SRF priority list

    • 40 projects

    • Loan forgiveness from 20% to 40% of SRF loan amount

    • Loan forgiveness amount = $27 million

    • Total loan amount = $96 million


Srf and arra9
SRF and ARRA

  • Drinking Water SRF priority list

    • 20 projects

    • Loan forgiveness from 30% to 50% of SRF loan amount

    • Loan forgiveness amount = $13 million

    • Total loan amount = $63 million


Srf and arra10
SRF and ARRA

  • 20% of funds for “green” projects

    • Water efficiency

    • Energy efficiency

    • Green infrastructure

    • Environmentally innovative


Srf and arra11
SRF and ARRA

  • Green application process yielded 120 applications totaling $123 million

  • 49 projects proposed for funding

  • Water meters, fine bubble aeration, rain gardens, nitrate removal wetlands, porous paving, high efficiency pumps, decentralized wastewater, etc.


Srf and arra12
SRF and ARRA

  • Timelines and deadlines

    • Application deadline for green projects – March 27

    • Publication of draft IUPs –April 3

    • Public hearing – April 16

    • Public comment period closed – April 23


Srf and arra13
SRF and ARRA

  • Timelines and deadlines

    • Presented to EPC – May 19

    • EPA goal of having half of funds committed – June 17

    • All funds committed to projects under contract or under construction – February 17, 2010


Srf and arra14
SRF and ARRA

  • Will there be another round of funding?

    • Possibly, depending on current projects not proceeding or needing less money

  • Who might be considered for it?

    • Projects that have completed SRF requirements and are shovel-ready

    • Additional green projects


Srf and arra15
SRF and ARRA

  • Balancing multiple objectives:

    • Be transparent and accountable

    • Get money out quickly

    • Implement new and additional processes and requirements

    • Fund innovative projects


Sign up for srf list serve
Sign up for SRF list serve

Send an e-mail to Eunice Boyd

[email protected]

And ask to subscribe


For more information
For more information

Patti Cale-Finnegan

Iowa Department of Natural Resources

515-725-0498

[email protected]

Lori Beary

Iowa Finance Authority

515-725-4965

[email protected]


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