The U.S. Army Corps of Engineers’ (USACE) Corps Water Infrastructure Financing Program (CWIFP) received funding for the first time ever in the Fiscal 2021 Energy and Water Development and Related Agencies Appropriations Act signed into law by President Donald J. Trump yesterday as part of the Fiscal 2021 Consolidated Appropriations Act. CWIFP, authorized by the Water Infrastructure Financing and Innovation Act (WIFIA) in 2014, will accelerate non-federal investments in water resources infrastructure by providing long-term, low-cost loans to creditworthy borrowers.
The initial appropriations for the CWIFP includes $12 million for credit subsidy and $2.2 million for administration of the USACE program. This federal loan program (similar to the Environmental Protection Agency’s (EPA) WIFIA and the Department of Transportation’s Transportation Infrastructure Finance and Innovation Act programs) for water infrastructure will allow USACE to issue up to $950 million in loans focused on projects to maintain, upgrade and repair dams identified in the National Inventory of Dams owned by non-federal entities.
“The Corps Water Infrastructure Financing Program is a critical tool that will provide significant savings to non-federal entities when implementing water resources infrastructure projects,” said Lt. Gen. Scott A. Spellmon, USACE commander. “This program will enable local investment in projects that enhance community resilience to flooding, promote economic prosperity, and improve environmental quality.”
The Water Resources Reform and Development Act of 2014 (WRRDA), P.L. 113-121, was signed into law June 10, 2014. Subtitle C of Title V of WRRDA contains WIFIA. WIFIA provides authority to the EPA and USACE to provide financial assistance in the form of secured loans or loan guarantees for a variety of water infrastructure projects.
USACE has taken significant steps to plan for this program and will work expeditiously to issue loans to qualified non-federal borrowers. USACE is working closely with the EPA to coordinate resources to implement this critical program.
For more information on the CWIFP visit: https://www.usace.army.mil/Missions/Civil-Works/Infrastructure/revolutionize/CWIFP/.
Release no. 20-212