By Blake Jackson
Governor Hochul has announced a significant milestone for New York State's Environmental Facilities Corporation (EFC), revealing that over $2.2 billion was allocated during State Fiscal Year 2024 to support local water infrastructure projects.
This record-breaking investment has facilitated 269 essential projects across the state, addressing critical needs in drinking water and sewage systems.
These efforts not only enhance public health safeguards but also elevate local water quality standards.
Under the leadership of EFC President & CEO Maureen A. Coleman, this achievement underscores the corporation's pivotal role as New York's foremost environmental infrastructure bank.
The funding, detailed in the SFY 2024 Program Metrics Report, highlights EFC's commitment to advancing the state's ambitious clean water objectives and reinforcing its reputation as a robust market for water infrastructure investments.
Key highlights from the report include the distribution of $450 million through the Water Infrastructure Improvement Act (WIIA) and Intermunicipal Water Infrastructure Grants (IMG).
This funding, part of the voter-approved $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act, supports 156 projects aimed at enhancing water quality and resilience.
Notably, over $300 million in grants were specifically allocated to projects in environmental justice communities, promoting equitable access to clean water resources.
Since 2015, EFC has allocated $2.5 billion in WIIA/IMG grants, which have supported 1,049 projects with a total project cost exceeding $8.3 billion. This strategic investment has resulted in significant savings for local ratepayers, totaling $5.9 billion in potential financing costs.
Furthermore, EFC's administration of federal Bipartisan Infrastructure Law funds has resulted in the execution of eight project finance agreements totaling $96 million in SFY 2024.
These funds are integral to modernizing drinking water and wastewater systems statewide, ensuring compliance with stringent environmental standards.
The EFC's commitment extends beyond financial assistance, encompassing robust technical support initiatives.
Community Assistance Teams have actively engaged over 100 municipalities, providing personalized guidance and hosting regional events that empower local governments to navigate water infrastructure challenges effectively.
The collaborative efforts praised by stakeholders like the EPA and local community leaders underscore New York State's dedication to fostering sustainable infrastructure solutions.
These investments not only safeguard public health but also promote economic resilience and environmental sustainability statewide, reflecting Governor Hochul's steadfast commitment to securing a healthier future for all New Yorkers.
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Categories: New York, Government & Policy