State invested record $3.5B in water infrastructure in SFY 2025

ALBANY | Gov. Hochul has announced the Environmental Facilities Corporation (EFC) surpassed $3.4 billion in executed financial assistance agreements for 328 local water infrastructure projects across the State during State Fiscal Year 2025 — a 55 percent increase in year-to-year funding. This record investment is making crucial projects affordable for New Yorkers and empowering local communities to undertake critical drinking water and sewer projects. These projects improve water quality, safeguard public health and the environment, support local economic growth, and contribute an estimated 30,000 good-paying jobs. These numbers reinforce EFC's critical role as New York State's water infrastructure bank. "With EFC's record $3.4 billion investment, along with millions in additional State funds from partner state agencies, New York is delivering on its promise of affordable, reliable and safe water for all New Yorkers," Gov. Hochul said. "We're transforming communities, protecting public health and ensuring every New Yorker can count on clean, safe water without breaking the bank." EFC's historic investment was made possible by Gov. Hochul's continued grant funding commitments for clean water, and federal funding through the Infrastructure Investment and Jobs Act. This financial support bolstered the State Revolving Funds and accelerated progress on essential clean water and drinking water projects, supporting public health, environmental protection and resilience in communities statewide. The State Revolving Funds are New York's primary financial mechanism for advancing its clean water goals, providing financing and grants to local governments. State Revolving Fund interest rates are below market rate, and with long repayment periods, communities may save significantly on debt service compared to traditional financing. Repayments of principal and interest to EFC provide recurring revenue to EFC so it can offer financing to additional communities to rehabilitate, replace and modernize aging infrastructure in the State. EFC President and CEO Maureen A. Coleman said, "Surpassing $3.4 billion in financial assistance this year reflects the leadership of Governor Hochul and EFC in delivering high-impact, cost-effective solutions for New York's water infrastructure. Our ability to turn every federal dollar into three dollars through strategic leveraging means we're not just investing more — we're making projects affordable for communities, accelerating progress, and delivering lasting results across the state." Through strategic, innovative financing, EFC delivers a 300 percent return on investment on the federal capitalization grants to the State Revolving Funds. For every federal dollar invested, New York turns that into $3, through state matching funds, bond sales, and loan repayments — maximizing federal impact and fast-tracking progress toward clean, resilient communities. Fully funded State Revolving Funds are necessary for New York to be prepared to meet the ongoing need for communities to repair, rehabilitate and modernize aging infrastructure in the future. Access to affordable financing increases investment in water infrastructure, which can prevent costly catastrophic system failures and alleviate pressure on utilities to raise rates, providing relief to many families already struggling to pay their water bills. This record-setting $3.4 billion investment reflects the cumulative impact of project funding announcements made by Gov. Hochul following each meeting of EFC's Board of Directors from April 2024 through March 2025. These regular milestones marked key moments of progress, authorizing municipal access to funding. Each project was added to EFC's Project Impact Dashboard upon execution of a funding agreement, allowing the public to track local benefits. EFC's annual Program Metrics Report highlights the impact and momentum toward the Governor's clean water goals, ensuring that communities across New York are empowered to deliver safe, affordable, and modern water infrastructure for generations to come.

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State invested record $3.5B in water infrastructure in SFY 2025

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