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IFA > About IFA > Stimulus Information American Recovery and Reinvestment Act of 2009

What is the Recovery Act and what is the State's share of the federal funding?

On February 17, 2009, the American Recovery and Reinvestment Act of 2009 (Recovery Act) became law. The Recovery Act will provide the Indiana Finance Authority (IFA) with $94,447,485 to fund Wastewater infrastructure projects and $27,212,000 to fund Drinking Water infrastructure projects.

What are the general requirements to be considered for Recovery Act funding?

All standard SRF Loan Program requirements will apply. The following will also be required to meet the requirements of the Recovery Act:

  • Participants must design, permit, bid and close financings by a schedule provided by the SRF Loan Program.
  • Projects must have the ability to be under construction prior to December 2009.
  • No less than 20% of the recovery funds must be used for projects that address green infrastructure, water or energy efficiency improvements, or other environmentally innovative activities.
  • Federal Davis-Bacon Wage Rages and Disadvantaged Business Enterprise (DBE) rules apply.
  • Projects must use American iron, steel and manufactured goods.
  • Monthly progress reports will need to be filed with the SRF Loan Program.

What type of assistance is available?

Fixed-Rate Loans (20-year terms)

  • All communities determined to meet SRF Loan Program requirements will be eligible for a share of fifty percent of the Recovery Act funding made available to the IFA. Each community's loan will include a portion at zero percent, which will be capped at an amount to be determined after all eligible participants have been identified. Each community may borrow the additional funds needed to complete their project from the SRF Loan Program at their then current below-market interest rate in which they would traditionally qualify.

Grants

  • Communities that have exceedingly high monthly user rates (minimum threshold to be determined after all eligible participants have been identified) may qualify for grant funding. The balance of a community's project may be funded with an SRF Loan Program loan at their then current below-market interest rate.
  • Communities must:
    • have a completed Preliminary Engineering Report (PER) filed with the SRF Loan Program by March 13, 2009;
    • meet the construction deadlines set forth above; and
    • propose a project promoting the regionalization of services.

How does a community apply?

  • Applications must be submitted to the SRF Loan Program on or before February 27, 2009 and a completed PER is due on or before March 13, 2009.
  • The required SRF Loan Program Application forms are available by clicking on the links or by visiting the Web site at http://www.srf.in.gov/.

Who is eligible?

Entities that are eligible for SRF financial assistance are eligible for SRF Recovery Act assistance.

  • Entities eligible for Drinking Water and Wastewater SRF loans are:
    • Cities, towns, counties, regional sewer/water districts, conservancy districts, and
    • Private and not-for-profit facilities (only for Drinking Water SRF loans).

What types of projects are eligible for funding?

Projects that are eligible for SRF assistance are eligible for SRF Recovery Act financing.

  • Wastewater projects that include treatment plant and collection system improvements.
  • Drinking Water projects that include treatment plant and distribution system improvements.
  • Nonpoint source projects that include Best Management Practices for agriculture and stormwater runoff.

Where can I get more information about SRF loans?

For more information about the SRF Loan Program process, please contact:

To receive the SRF Loan Program's latest announcements, please subscribe to the SRF listserv.

Frequently Asked Questions

Q:  When are all applications due to the State Revolving Fund (SRF) Loan Program to be eligible for recovery funding?

A:  Applications must be received no later than Friday, February 27, 2009

Q:  How soon must the Preliminary Engineering Report (PER)  be submitted to the SRF Loan Program to be eligible for recovery funding?

A:  All PERs must be received by the SRF Loan Program no later than Friday, March 13, 2009.

Q:  What if our community cannot hold a public hearing before the March 13th deadline?

A:  That's fine.  Just submit to SRF a transmittal letter from the authorized signatory that states the potential borrower is hereby submitting a PER to the SRF Loan Program. The SRF Loan Program will accept the Authorized Signatory and PER Acceptance letter along with the standard information that follows the Public Hearing, after the public hearing has occured.  The SRF Loan Program will begin the PER review and process the public hearing information following PER submittal.

We encourage that all PERs are submitted as soon as possible so that we can verify that the information is acceptable.

Q:  What does it mean in the Fact Sheet when it says a community will be eligible for a share of fifty percent of the Recovery funding?  Does this mean 50% of a project will be funded via a SRF grant?

A:  No, this does not mean that 50% of a project will be funded with a grant. Once the March 13th deadline arrives and all PERs have been submitted, the SRF Loan Program will determine which communities qualify for grant funding and notify them of their award. Whatever portion of their project will not be covered with grant funding, will be eligible for traditional SRF loan dollars (non stimulus). The projects that do not qualify for grant funding will be eligible for a zero percent stimulus loan for a certain amount.  Whatever portion of their project will not be covered with a zero percent stimulus loan will be eligible for traditional SRF loan dollars (non stimulus), with the two interest rates blended.

Q:  Where can I get more information about SRF loans?

A:  For more information about the SRF Loan Program process, please contact Shelley Love for Wastewater projects at (317) 232-4396 or Sarah Hudson for Drinking Water projects at (317) 232-8663 or visit the SRF Web site at http://www.srf.in.gov.

 

Fact Sheets and Forms

Applications:

Fact Sheets:

Announcements

Announcements: