The Virginia Clean Water Revolving Loan Fund (CWRLF) reduces interest rates for local governments for projects that improve water quality or prevent future problems. Since 1987, over $1.9 billion has been invested in projects throughout the Commonwealth.
Benefits of the CWRLF include:
- Below-market interest rates
- 1% below prevailing rates
- 0% loans for some localities meeting eligibility criteria
- No bond issuance costs
- Payment waiver during construction
Virginia Resources Authority serves as the financial manager of the fund: underwriting loans, issuing bonds, investing monies, closing loans, making disbursements, and maximizing economic benefits.
The scope of CWRLF activity now includes low-interest loans for publicly owned wastewater treatment facilities, as well as, brownfield remediation and open space preservation related to water quality issues.