Governor Bill Lee, alongside Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers, announced a $5.9 million loan for the City of Rockwood aimed at enhancing its water infrastructure. This loan is part of a trio sanctioned by the Tennessee Local Development Authority, which includes funding for the Hamilton County Water and Wastewater Treatment Authority and Chuckey Utility District, accumulating a total of $31.7 million.
Governor Lee expressed that these loans are crucial in aiding local communities to address significant infrastructure requirements, applauding these communities for their persistence in the process. Commissioner Salyers added that the loan program ensures communities have access to high-quality water services, and anticipates positive outcomes from these infrastructure developments.
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The loan for Rockwood comes from the Drinking Water State Revolving Fund Loan Program, specifically targeting improvements in the water treatment plant. Structured with a 20-year term at a 1.87 percent interest rate, Rockwood benefits from $2,950,000 in principal forgiveness, with the remaining loan amount to be repaid as principal.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities the opportunity to acquire loans at lower interest rates compared to private financing. These loans, with interest rates ranging from zero to below market rate, are adjusted based on the economic health of each community.
For the current fiscal year, TDEC has distributed $16,536,173 in drinking water loans and $71 million in clean water loans to address the infrastructure needs of Tennessee. In fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans, totaling $139,459,025. Since its establishment in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has granted over $2 billion in low-interest loans, while the Drinking Water State Revolving Fund Loan Program has provided more than $300 million since 1996.
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FEMA Extends Aid to Additional Tennessee Counties
FEMA has expanded its Public Assistance program to include three more counties in Tennessee affected by flooding from Hurricane Helene, as announced by Governor Bill Lee. The aid now covers a total of 12 counties, providing necessary support to jurisdictions and certain non-profits for recovery efforts. Governor Lee and TEMA Director Patrick C. Sheehan highlighted the importance of federal aid in rebuilding efforts, with resources available for those affected. More information and assistance applications are accessible online.