(Des Moines) The Iowa Finance Authority and the Iowa Department of Natural Resources announced that 25 municipalities with current State Revolving Fund loans for water quality projects will save a total of more than $12 million in interest over the remaining life of their loans as a result of their interest rate being reduced from 3% to 1.75%.
In southwest Iowa, the City of Lewis will be saving $13,387. The City of Stanton will be saving $31,668.
The State Revolving Fund is one of Iowa’s primary sources for financing projects designed to improve Iowa’s water quality. Two funds, one for drinking water and one for wastewater and pollution control, have provided low-cost financing to projects in nearly 700 Iowa communities in addition to farmers, watershed groups and others for water quality projects. The program is jointly administered by the Iowa Finance Authority and the Iowa Department of Natural Resources.
Besides offering communities low interest rates to finance water infrastructure projects, the State Revolving Fund offers other benefits, such as lower up-front costs and no reserve requirement.
For more information on the State Revolving Loan program, visit IowaSRF.com.
