President Obama on June 10 signed into law a $12.3 billion water resources bill that will improve U.S. infrastructure, contribute to economic growth and bolster international trade.
The Water Resources Reform and Development Act (WRRDA) contains innovative financing measures such as Public Private Partnerships (P3s) and the Water Infrastructure Finance and Innovation Act (WIFIA) as pilot programs. WIFIA will provide up to $200 million in low-interest federal loans and guarantees for large water infrastructure projects (including those delivered through P3s) without interfering with already existing project financing through the State Revolving fund. This funding is especially critical for more expensive projects that often can’t access EPA State Revolving Funds. The law gives a green light to a wide variety of water projects, including storm and flood damage reduction programs and coastal harbor improvement projects.
The House voted 412-4 and the Senate voted 91-7 to approve the legislation and send it to the White House for President Obama’s signature.
For the details of this new law and its expected impact on various states, visit our website at http://www.cleanwatercouncil.org and see “News” and “State by State.”