The Biden administration Tuesday announced $5.8 billion in water infrastructure funds for states, tribes and territories, the latest round of funding from the Infrastructure Investment and Jobs Act record level of clean water investment. Th money includes $3.2 billion for the Drinking Water State Revolving Fund for water projects and $2.6 billion for the Clean Water State Revolving Fund for storm and wastewater infrastructure. The funds include $1 billion for seven major rural water projects, $1 billion to address “forever chemical” contaminants, and $1 billion for Great Lakes drinking water projects. “Every person should have a right and the ability to have access to clean water, and it should not matter where you live or how much money you earn or how much money you got in your back pocket,” said Vice President Kamala Harris Tuesday in Pittsburgh, where she announced the funds. “With this investment, we are continuing our urgent work to remove every lead pipe in the country and ensure that every American has access to safe and reliable drinking water.” State revolving funds for drinking and wastewater act as the primary federal funding for states, which then often leverage the money by issuing municipal bonds, most of which feature triple-A ratings, to make low-interest loans to cities, counties, water districts and other governmental entities to finance infrastructure projects.
Source: The Bond Buyer
