The US Army Corps of Engineers (USACE) has officially commenced the acceptance of applications for a $7.5 billion credit assistance program known as the Corps Water Infrastructure Financing Program (CWIFP), with a primary focus on bolstering dam safety projects. The CWIFP aims to expedite non-federal investment in the nation's dam infrastructure by offering cost-effective, extended-duration, and adaptable loans tailored for the specific needs of these vital projects.
The CWIFP officially commenced its inaugural 90-day application window, welcoming prospective applicants to access the program via the official website at www.usace.army.mil/CWIFP. The Notice of Funding Availability (NOFA) was made public in the Federal Register and is accessible at https://www.federalregister.gov/d/2023-20286. The NOFA serves as the formal gateway to the program and offers comprehensive instructions for interested borrowers on the application procedure.
Lt. Gen. Scott A. Spellmon, the commanding general of the U.S. Army Corps of Engineers, emphasized the pressing need for infrastructure rejuvenation, stating, "Aging infrastructure causes significant challenges to all levels of government, in particular dam infrastructure. This program will have a huge impact on the nation's dam infrastructure and will help save local ratepayers and taxpayers by providing long-term, low-cost financing."
Mr. Michael Connor, the Assistant Secretary of the Army for Civil Works, acknowledged the importance of the newly unveiled funding avenue, particularly in the face of unprecedented climate challenges. He asserted: "[The] posting of the Notice of Funding Availability for the Corps Water Infrastructure Financing Program provides a new and significant tool that can be used to keep the nation's infrastructure resilient and dependable for multiple generations. As we deal with unprecedented climate challenges that require robust and effective infrastructure, this new financing program will enable continued investment by our local communities in their infrastructure."
Under the CWIFP, approximately $7.5 billion in total project financing will be disbursed, with the potential to support up to $15 billion in infrastructure investment across the nation. For more detailed information regarding the CWIFP, including application guidelines, interested parties are encouraged to visit https://www.usace.army.mil/CWIFP.