Tennessee Grants $16.5M In Low-Interest Water Infrastructure Loans
Image Credit: Alabama Extension / Public Domain
The Center Square [By Jon Styf] –
Tennessee has agreed to send four loans worth $16.5 million to municipalities in the state for water infrastructure as part of the state’s Clean Water State Revolving Fund Loan Program.
The loans include $9 million to Lakeland for improvements to its wastewater collection system on a 20-year loan with 3.35% interest.
Cleveland will receive a pair of loans worth a combined $5.8 million for a 20-year term with 2.4% interest. That includes $3.1 million for wastewater treatment plant improvements and $2.7 million for wastewater collection system expansion.
Brownsville will receive a $1.7 million loan at 1.3% interest over 20 years for its wastewater collection system. Of that, the Brownsville Energy Authority received $890,000 in principal forgiveness.
The loans are part of Tennessee’s State Revolving Fund Loan Program, where municipalities can receive low-interest loans to complete water infrastructure projects from the Tennessee Department of Environment and Conservation.
So far this fiscal year, TDEC has awarded $75,000 in drinking water loans and $18.9 million in clean water loans. During fiscal year 2023, TDEC awarded $ 47.3 million in drinking water loans and $64.1 million in clean water loans for a total of $111.4 million.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
