Nyack Awarded $3 Million By State To Replace 13,000 Linear Feet of Water Main

Governor Kathy Hochul has announced the Environmental Facilities Corporation Board of Directors approved $41 million in funding that includes low-cost loans and previously awarded grants, enabling the recipients to access these loan and grant funds and move their water and sewer infrastructure projects forward.

The Board also approved an $879 million leveraged bond financing to provide capital for various wastewater and drinking water projects for the New York City Municipal Water Finance Authority (NYCMWFA) and to refund certain prior bonds. Refunding bond sales deliver additional savings for EFC’s municipal partners by refinancing the original bonds that funded their projects at an even lower interest rate. The transaction is estimated to save $18 million for New York City ratepayers over the next 10 years.

“The State of New York is steadfast in our commitment to providing communities with the resources needed to make upgrades to water and sewer systems,” Governor Hochul said. “These critical projects will help protect the health and safety of residents, the environment, and quality of life as we work together to assist residents in every corner of the state with access to safe, clean water and reliable sewer services.”

One of the grant winners was the Village of Nyack in Rockland County, which was awarded a $3,000,000 WIIA grant to replace approximately 13,000 linear feet of water main.

The Board’s approval includes financing through the Clean Water State Revolving Fund (“CWSRF”) and Drinking Water State Revolving Fund (“DWSRF”) and grants pursuant to the Water Infrastructure Improvement Act (WIIA).