DES MOINES — The Iowa Finance Authority and the Iowa Department of Natural Resources recently announced that 41 Iowa communities have received low-interest water quality loans totaling more than $123 million through the State Revolving Fund.
Pleasantville is one of the communities receiving a loan. The town has been given $417,000 for a water transmissions improvement project.
State Revolving Fund Construction Loans are a low-cost construction financing option available for Iowa cities and municipalities for water quality initiatives. Planning and Design Loans are zero percent loans that assist with the first phase of project expenses.
“We have found this low-cost financing to be an essential tool in allowing us to expand our water capacity to meet the demands of our growing community,” said Eagle Grove City Administrator Bryce Davis. “I would recommend any community in need of water quality financing to explore using the State Revolving Fund.”
“Reliable water infrastructure is essential for Iowa families, businesses and communities alike,” said Iowa Finance Authority Executive Director Debi Durham. “The State Revolving Fund has helped more than 600 Iowa communities invest in more than 2,000 water quality initiatives to date and is available to help many more.”
Iowa communities and municipalities have received a total of nearly $3.3 billion in Construction Loans and more than $240 million in Planning & Design Loans since the program’s inception.
“The State Revolving Fund is a successful partnership between state and local governments and we are proud to play a role in assisting communities of all sizes complete vital water quality projects,” said Iowa Department of Natural Resources Director Kayla Lyon.
The U.S. Environmental Protection Agency provides annual capitalization grants to states. Leveraged bonds and loan repayments expand the reach of the federal investment. More than $3 in assistance has been leveraged for Iowa water quality projects for every $1 of federal funds.