Overview
The Virginia Drinking Water State Revolving Fund (DWSRF) provides financial assistance for drinking water projects to local governments. Since 1998, over $500 million has been invested in projects throughout the Commonwealth.
Eligible projects in the DWSRF include water supply and intake, water treatment and filtration, water storage, and water distribution.
DWSRF Benefits
- Below-market interest rates (50-100 basis points below market)
- 20-30 year loan terms (determined by the useful life of the project)
- No bond issuance costs
- No payments during the construction period
- Interest accrues only on the drawn portion of the loan
Program Administration
The Virginia Department of Health (VDH) administers the program and policy aspects of the fund. VDH receives annual federal funding through the U.S. Environmental Protection Agency to support the DWSRF.
Virginia Resources Authority serves as the financial manager of the DWSRF and includes the following responsibilities: underwriting and structuring loans, loan closings, making disbursements to loan recipients, collecting loan repayments, investing uncommitted CWRLF monies, and issuing bonds.
Additional information about the DWSRF program can be found on the Virginia Department of Health website. The application deadline for the DWSRF program is May 3, 2024.
DWSRF Interest Rates
| Loan Term | March 2024 | April 2024 |
|---|---|---|
| 20 Year | 2.60% | 2.60% |
| 30 Year | 3.60% | 3.60% |
Note: Interest rates are set approximately 1-month before loan closing
Partner
