Tennessee Governor Bill Lee, along with Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers, announced the approval of two loans totaling $650,000 for the Town of White Pine. These loans, part of the State Revolving Fund Loan Program, aim to improve the town’s water infrastructure. The funding is among several loans approved by the Tennessee Local Development Authority, amounting to $16.2 million in total, which also includes loans for other towns such as Dandridge, Jacksboro, and the City of Fayetteville.
Governor Lee emphasized the importance of addressing water infrastructure challenges within communities and praised the participating towns for their dedication to resolving these issues. Commissioner Salyers highlighted the significance of reliable water services and the role these loans play in supporting community needs.
Latest TN News
White Pine will receive a $500,000 loan from the Clean Water State Revolving Fund Loan Program to enhance its collection system. This loan is structured with a five-year term and a 2.38 percent interest rate, including $250,000 in principal forgiveness. Additionally, the town will receive a $150,000 loan from the Drinking Water State Revolving Fund Loan Program for the planning and design of a new water storage tank. This loan also comes with a five-year term at the same interest rate, with $75,000 in principal forgiveness.
The State Revolving Fund Loan Program offers communities, utility districts, and water authorities the opportunity to access low-interest loans, which can be more cost-effective than private financing. Interest rates for these loans vary from zero percent to below market rates, adjusted according to the economic health of each community.
In the current fiscal year, TDEC has granted $31,686,173 in drinking water loans and $71,142,500 in clean water loans for infrastructure development across the state. For fiscal year 2024, a total of $139,459,025 in both drinking and clean water loans has been awarded, demonstrating the state’s commitment to enhancing water infrastructure.
Since the inception of the Clean Water State Revolving Fund Loan Program in 1987, over $2 billion in low-interest loans have been distributed. Similarly, since 1996, the Drinking Water State Revolving Fund Loan Program has provided more than $300 million in loans.
For more information, visit the TDEC official website.
Source: Read Original Release
Franklin County Receives Grant for Brownfield Projects
Franklin County has been awarded a $20,000 grant by the Tennessee Department of Environment and Conservation for brownfield redevelopment, as part of the Brownfield Redevelopment Area Grants program. This funding will help identify priority sites for redevelopment, improving environmental protection and economic opportunities. The grant is part of a broader initiative funded by the Rural Brownfield Redevelopment Investment Act, which supports the cleanup and redevelopment of contaminated properties to reduce health and environmental risks and promote economic growth.