Last week, the Senate approved the Water Infrastructure Finance and Innovation Authority (WIFIA) plan by a vote of 83 to 14 as part of the Water Resources Development Act of 2013. WIFIA was developed by the American Water Works Assn. (AWWA) with the support of the Association of Metropolitan Water Agencies and the Water Environment Federation, and is designed to help water utilities obtain low interest loans, loan guarantees and credit for large water infrastructure projects or other significant water projects.
According to AWWA Executive Director David LaFrance, WIFIA’s approval is a huge step forward in confronting America’s water infrastructure challenge.
WIFIA now goes to the House of Representatives for final approval. If passed, it would be a great complement to the state revolving loan fund programs in providing critical support for both drinking water and wastewater utilities.
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