Clean Water State Revolving Fund (CWSRF)

The Clean Water State Revolving Fund (CWSRF) in Indiana offers low-interest loans to communities within the state for projects aimed at improving wastewater and drinking water infrastructure. This program is administered by the Indiana Finance Authority and is designed to support environmental protection and public health.

Eligibility for these loans extends to cities, towns, counties, regional sewer/water districts, conservancy districts, and water authorities for wastewater, drinking water, and nonpoint source SRF loans. Private and not-for-profit facilities are also eligible for drinking water SRF loans.

The funding for these programs comes from annual capitalization grants applied for by the State to the U.S. Environmental Protection Agency. These grants are then leveraged in the municipal bond market to increase the available funds. The combined funds are offered as low-interest-rate loans to Indiana communities.

The types of projects eligible for funding include a wide range of initiatives. For wastewater projects, this includes treatment plant improvements and upgrades, sewer line extensions, combined sewer overflow corrections, and infiltration/inflow projects. Drinking water projects can include treatment plant improvements, water line extensions, and water storage facilities. Nonpoint source projects may encompass wetland protection, on-site sewage disposal systems, and best management practices for agriculture and stormwater runoff, among others.

Projects primarily aimed at economic development, solely for fire suppression, or stormwater projects without water quality benefits are not eligible for funding.

The terms of the SRF loan are quite flexible, with a fixed rate and a standard 20-year term. However, longer terms up to 35 years are available for qualifying projects. Interest rates are reset quarterly and are further discounted based on the applicant's median household income and local user rates. Additionally, rates can be reduced for projects including Green Project Reserve components or nonpoint source features.

Project Types

Water Infrastructure

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Funding source

Indiana Finance Authority

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Length of funding

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who is eligible

Local governments, wastewater utilities

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Value of the funding

Varies based on project size

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Funding type

Loan, Grant

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Funding requirements

Wastewater infrastructure plans, financing details

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Match Requirements

Yes, requires a local match (percentage varies)

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Deadlines

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Funding Scale

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These are the steps for this funding resource.

Please double check these steps with the funding agency to ensure you are not missing any needed information or steps.

Pre-Application: Wastewater utilities express interest and consult with the Indiana Finance Authority regarding project eligibility.
Application Submission: Detailed application including project plans, engineering reports, and financial documents.
Review and Approval: Indiana Finance Authority reviews applications, considering project feasibility, environmental impact, and public health concerns.
Funding Allocation: Approved projects receive low-interest loans or grants, depending on project eligibility and funding availability.
Project Implementation: Wastewater utilities implement approved projects, meeting regulatory standards and reporting progress to the Indiana Finance Authority.

Additional Resources

https://www.in.gov/ifa/srf/