The omnibus spending measure signed into law December 27, 2020, included the FY 2021 Energy and Water Development and Related Agencies Appropriations Act.
Under the act, the U.S. Army Corps of Engineers’ (USACE) Corps Water Infrastructure Financing Program (CWIFP) received funding for the first time ever.
CWIFP, authorized by the Water Infrastructure Financing and Innovation Act (WIFIA) in 2014, will accelerate non-federal investments in water resources infrastructure by providing long-term, low-cost loans to creditworthy borrowers.
The initial appropriations for the CWIFP includes $12 million for credit subsidy and $2.2 million for administration of the USACE program. This federal loan program (similar to the Environmental Protection Agency’s (EPA) WIFIA and the Department of Transportation’s Transportation Infrastructure Finance and Innovation Act programs) for water infrastructure will allow USACE to issue up to $950 million in loans focused on projects to maintain, upgrade and repair dams identified in the National Inventory of Dams owned by non-federal entities.
“The Corps Water Infrastructure Financing Program is a critical tool that will provide significant savings to non-federal entities when implementing water resources infrastructure projects,” said Lt. Gen. Scott A. Spellmon, USACE commander. “This program will enable local investment in projects that enhance community resilience to flooding, promote economic prosperity, and improve environmental quality.”
USACE says it has taken significant steps to plan for this program and will work expeditiously to issue loans to qualified non-federal borrowers. USACE is working closely with the EPA to coordinate resources to implement this critical program.
- For more information on the CWIFP visit: https://www.usace.army.mil/Missions/Civil-Works/Infrastructure/revolutionize/CWIFP/.