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 $3 billion has been invested in projects throughout the Commonwealth.
Benefits of the CWRLF include:
- Below-market interest rates
- 100 - 150 bps below prevailing rate
- 20 - 30 year terms
- No bond issuance costs
- Payment waiver during construction
The Department of Environmental Quality administers the program and policy aspects of the fund on behalf of the State Water Control Board (SWCB).
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.
May 2023 June 2023
20 year - 1.95% 20 year - 2.05%
25 year - 2.50% 25 year - 2.60%
30 year - 2.95% 30 year - 3.00%