Yesterday President Obama signed into law the Water Resources Reform and Development Act of 2014 (WRRDA). Enactment of the law is fantastic news for water infrastructure industry members, as it not only finances $12.3 billion in water projects, ranging from harbor expansion in coastal states to flood control programs in the Midwest, but will expedite and streamline the process for completing those projects. Contractors will see much needed new funds flow to long-delayed water resources projects and the impact of this legislation will be felt in localities across the country.
WRRDA contains innovative financing measures such as Public Private Partnerships (P3s) and the Water Infrastructure Finance and Innovation Act (WIFIA) as pilot programs. CWC’s government relations staff has fought hard for inclusion of both P3s and WIFIA and we are enormously gratified to see our efforts bear fruit. WIFIA will provide up to $200 million in low-interest federal loans and guarantees for large water infrastructure projects (including those delivered through P3s) without interfering with already existing project financing through the State Revolving fund. This funding is especially critical for more expensive projects that often can’t access EPA State Revolving Funds. The law gives a green light to a wide variety of water projects, including storm and flood damage reduction programs and coastal harbor improvement projects. CWC members and others interested in promoting water infrastructure projects in local communities will benefit.
For the details of this new law and its expected impact on various states, visit our website at http://www.cleanwatercouncil.org and see “News” and “State by State.”