Check The Amount Of Loans For Water Your Michigan City Has Taken Out

According to a new dashboard from the Michigan Department of Environment, Great Lakes, and Energy, towns in Michigan have borrowed $7.3 billion from the state since 1989 to upgrade water infrastructure (EGLE).

An interactive map provided by EGLE displays the locations of the loan awards. The majority of grants for water infrastructure are in the metro Detroit area, although loans are scattered throughout the whole state.

Here is a picture of the EGLE map. To view details for each loan, click on the dots and arrows.

Only $546 million of the loans are forgiven, which translates to a 7.4% reduction in the amount that must be paid back to the state.

Image Source: Google

Check The Amount Of Loans For Water Your, Michigan City Has Taken Out

The Clean Water State Revolving Fund program, established in 1989, is for facilities that reduce water pollution. Nine years later, the Drinking Water State Revolving Fund was established to assist water providers in adhering to the Safe Drinking Water Act.

Here is a list of every EGLE loan for water infrastructure since 1989. Both location and category searches and sorting are available for the table. Detroit’s drinking water received the two largest grants in 2007 and 2008, totaling $168 million and $161 million, respectively. These loans were not in any way forgiving.

The village of Kaleva received the smallest loan in 2022 for main water connections in the amount of $2,968; $712 of that amount was forgiven.

The city of Flint received two sizable grants from EGLE in 2017 and 2019 totaling $40 million and $78 million, respectively. These two sums represent the state’s two largest loan forgiveness awards for water.

Michigan will loan $605 million for water infrastructure in 2022. Applications are now being accepted for projects beginning in 2024.

Despite the low-interest rates, communities are still required to pay interest on these loans. The average interest rate for the 1,072 loans made since 1989 was 2.24%, with the highest rate being 2.75%.

According to EGLE’s website, half of EGLE’s funding is distributed to Michigan municipalities as grants and loans for infrastructure renovations and other improvements.

 

 

Leave a Comment