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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:
What type of assistance is available?
Fixed-Rate Loans (20-year terms)
How does a community apply?
Who is eligible?
Entities that are eligible for SRF financial assistance are eligible for SRF Recovery Act assistance.
What types of projects are eligible for funding?
Projects that are eligible for SRF assistance are eligible for SRF Recovery Act financing.
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.
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.