The New York State Environmental Facilities Corp. board of directors approved $370 million in interest-free and low-interest loans for improvements to eight wastewater treatment plants and three other wastewater system facilities in New York City.
The board on Sept. 11 approved an interest-free loan of $185 million and a market-rate loan of $185 million to the New York City Municipal Water Finance Authority for 13 improvement projects over three years. The city loans are among more than $1.6 billion in direct and leveraged financings EFC approved this year for municipal wastewater and drinking water projects across the state.
The authority is the single largest recipient of EFC financing this year with $690 million in short-term financing to be drawn over three years. In addition to the $370 million, EFC closed a $320 million short-term loan with the city in fall 2013 for improvements to 17 wastewater projects. Earlier this year, the city also saved $49 million when EFC refinanced more than $347 million in previous clean water and drinking water loans from EFC.
This year marks the 25th anniversary of New York State's clean water revolving loan fund. Triple-A rated EFC has $8.6 billion in loans now outstanding and net assets of more than $5 billion.
