Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $4.1 million loan for the City of Winchester to enhance its water infrastructure. This loan is part of four recently approved by the Tennessee Local Development Authority, which also includes loans for the Tullahoma Utilities Authority, the City of Oak Ridge, and the Town of Woodbury, bringing the total amount to $24.7 million.
“This program addresses water infrastructure in communities across our state,” said Governor Lee. “We look forward to the results that will come from this assistance, and we thank local leaders for their initiative and good stewardship of the environment.”
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Commissioner Salyers added, “One of our greatest environmental responsibilities is ensuring quality water infrastructure. We are glad we can assist local leaders across the state in meeting their needs.”
The loan for the City of Winchester, sourced from the Drinking Water State Revolving Fund Loan Program, will be used specifically for water meter replacements. It carries a 15-year term at a 2.17 percent interest rate. The City of Winchester has also received $834,100 in principal forgiveness, with the remaining amount to be repaid as principal.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities the opportunity to obtain loans at lower interest rates compared to private financing. These low-interest rate loans can range from zero percent to below market rate, depending on the economic health of the community.
In this fiscal year, TDEC has awarded $48,608,182 in drinking water loans and $84,050,843 in clean water loans to address the state’s infrastructure needs. During fiscal year 2023, TDEC granted $47,345,000 in drinking water loans and $64,095,945 in clean water loans, totaling $111,440,945.
Since its inception in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans. Similarly, the state’s Drinking Water State Revolving Fund Loan Program has provided over $300 million in low-interest loans since it began in 1996.
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Tennessee Announces Loan for Woodbury Water Infrastructure
Tennessee Governor Bill Lee and TDEC Commissioner David Salyers have announced a $109,932 loan for the Town of Woodbury to improve its water infrastructure, part of a broader initiative that has approved $24.7 million in loans for various communities.