State invests $2.2B in water infrastructure in 2024

ALBANY | The Environmental Facilities Corporation surpassed $2.2 billion in financial assistance for local water infrastructure projects during State Fiscal Year 2024. This record investment is making 269 crucial projects affordable for New Yorkers and empowering local communities to undertake critical drinking water and sewer projects that safeguard public health and improve local water quality. These numbers reinforce EFC's critical role as New York State's environmental infrastructure bank in advancing the state's current clean water goals. "New York is proud to be home of the nation's leading environmental infrastructure bank, which has been instrumental in providing the capital local governments need to get shovels in the ground for critical drinking water and sewer projects," Gov. Hochul said when making the announcement July 12. "This $2.2 billion in financial assistance in one year highlights the State's commitment to ensuring all New Yorkers have access to clean, safe water." EFC's record investments are highlighted in the corporation's State Fiscal Year (SFY) 2024 Program Metrics Report, published under the leadership of EFC President & CEO Maureen A. Coleman. This year's report shows EFC continues to award record amounts of financial assistance to critical projects in a renaissance of water infrastructure investment. New York State Environmental Facilities Corporation President and CEO Maureen A. Coleman said, "As we mark these financial and organizational milestones, we recognize the catalyzing impact that EFC's funding has had on local communities across the state. Through these commitments, EFC is advancing New York State's clean water goals, as well as sending a clear signal that New York State is a strong market for water infrastructure and economic development." EFC executed 269 project finance agreements totaling more than $2.2 billion for local governments and eligible entities during the SFY April 1, 2023 to March 31, 2024. Members of the public can track these investments in EFC's new Project Impact Dashboard. The interactive map shows communities that benefit from EFC's funding using data from the past five years. The searchable map can be filtered by funding type and shows projects that advance environmental justice. Additional highlights of the Program Metrics Report include: Transformative Water Infrastructure Improvement (WIIA) and Intermunicipal Water Infrastructure Grants (IMG) totaling $450 million were awarded by EFC to 156 critical projects in December 2023. This includes the first $200 million awarded under the $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act. The WIIA/IMG programs were specifically named as tools in the voter-approved Bond Act to help leverage funding for water quality and resilient infrastructure improvements. Over $300 million in State WIIA/IMG grants were awarded in December 2023 to projects in environmental justice communities. Since 2015, EFC has awarded $2.5 billion in WIIA/IMG grants supporting 1,049 projects, totaling $8.3 billion in project costs, saving local ratepayers $5.9 billion in potential financing costs. EFC has awarded $408 million in grants since 2015 to drinking water projects that treat emerging contaminants above the State Maximum Contaminant Level. EFC continues to administer funding efficiently and equitably from the federal Bipartisan Infrastructure Law through the State Revolving Funds. EFC closed eight project finance agreements totaling $96 million in BIL funds in SFY 2024. Unparalleled technical assistance is helping communities access record investments. Since the program's inception, Community Assistance Teams have served over 100 communities one-on-one, and held 20 regional events and webinars that drew participation from 500 local government representatives. Governor Hochul created the teams in February 2023 to help local governments with their water infrastructure needs. Over 450,000 linear feet of sewer pipe were added or replaced. Over 3 million gallons of drinking water storage was added, replaced, or rehabilitated. Green Innovation Grant-funded projects completed in SFY 2024 will reduce stormwater runoff by a combined 748,068 cubic feet annually. Department of Environmental Conservation (DEC) Interim Commissioner Sean Mahar said, "New York State's cumulative investments of more than $2.2 billion in water infrastructure funding in fiscal year 2024 illustrate Governor Hochul's sustained commitment to ensuring access to clean water and bolstering climate resiliency for communities statewide. These significant investments, along with EFC's new project dashboard, further demonstrate New York's success in advancing infrastructure improvements and bringing long-lasting benefits to New Yorkers."

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State invests $2.2B in water infrastructure in 2024

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