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beyond the capacity of other funding
programs (e.g., SRFs). WIFIA can provide
direct loans and loan guarantees to
eligible borrowers for water infrastructure
projects. WIFIA can only fund 49% of
project costs; other funding sources must
be obtained for the other 51%. If other
funding sources include other federal
programs, the total federal involvement is
limited to 80%.
The funding outlook for WIFIA is
stable as the IIJA continues authorizations
Figure 3 - Funding Totals for CWSRF Under the IIJA at current levels for another five years
through 2026.
eligible state, local, territorial, and tribal The BRIC program aims to categorically The interest rate on WIFIA loans is
governments to provide relief from the shift the federal focus away from based on U.S. Treasury securities and
COVID-19 emergency, including water reactive disaster spending and toward may be lower than bonds (depending
and sewer-eligible uses. The investments research-supported, proactive investment on maturity, ratings, and market) but is
are state-specific, with funds being in community resilience. Projects generally higher than the SRF programs.
allocated by population. There are two key should reduce or eliminate risk from One advantage of WIFIA funding is the
deadlines associated with this funding: 1) natural hazards, like flooding. BRIC is ability to “sculpt” repayments for the
costs must be incurred by Dec. 31, 2024, administered through FEMA therefore WIFIA loan.
and 2) funds must be expended by Dec. sponsored projects must have a FEMA- Interest rates are established at closing
31, 2026. To better understand which approved Hazard Mitigation Plan. and will be equal to the U.S. Treasury rate
states are allocating water infrastructure Water Infrastructure and Finance of similar maturity. The rate is single-
funding through ARPA, the National Innovation Act (WIFIA) fixed, and the program adds one basis
Conference of State Legislators has an WIFIA is a long-term supplemental point to the State and Local Government
online tool. loan program administered by the EPA. Series daily rate with a maturity that is
Building Resilient Infrastructure and This program is intended to move projects equal or greater than the weighted average
Communities Program (BRIC) forward that need additional funding continued on page 28

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