$665 Million Provided to Make Local Water Infrastructure Projects Affordable Across New York State

Governor Kathy Hochul today announced the Environmental Facilities Corporation Board of Directors approved $665 million in financial assistance for water infrastructure improvement projects across New York State. The board’s approval authorizes municipal access to low-cost financing and previously announced grants to get shovels in the ground for vital environmental infrastructure projects, including treatment processes to remove emerging contaminants from drinking water.

“No one in New York should ever fear that they don’t have access to clean water,” Governor Hochul said. “With this funding, we are safeguarding the health and well-being of New Yorkers, providing critical resources to local economies, creating jobs and protecting our natural resources.”

Today’s investment includes more than $450 million in low-cost financing for New York City, fully funding the city’s request for financial assistance for 13 sewer projects. The action reinforces the State’s key role in advancing the City’s clean water goals and minimizing the financial impact of these crucial projects on local ratepayers. EFC is committed to ensuring the City’s water infrastructure improvements are affordable. In addition to the funding approved today, EFC executed a $717 million bond sale earlier this year to fund ongoing and completed projects, saving city ratepayers $183 million.

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Source: The Office of the Governor