Des Moines – The Iowa Finance Authority and the Iowa Department of Natural Resources recently announced that 18 Iowa communities have received low-interest water quality loans totaling more than $23.1 million through the State Revolving Fund (SRF). State Revolving Fund Construction Loans are a low-cost construction financing option available for Iowa cities and municipalities for drinking water and wastewater infrastructure. Planning & Design Loans are zero percent loans that assist with the first-phase of project expenses. The City of Lewis will use it’s SRF of $120,000 for water planning and design.

Creston City Administrator Mike Taylor says “The City of Creston will use our $3.2 million State Revolving Fund Loan for sewer treatment improvements.” And, the City of Fontanelle will use its $267,500 SRF loan for sewer planning and design.

The State Revolving Fund has awarded Iowa communities and municipalities a total of more than $3.3 billion in Construction Loans and more than $240 million through Planning & Design Loans since the program’s inception. 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.