NY to fund water projects with $1.3B in loans

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ALBANY, N.Y. (AP) — New York’s Environmental Facilities Corp. says it plans to provide $1.3 billion in low-cost financing this fiscal year for more than 100 wastewater and drinking water projects through its Clean Water State Revolving Loan Fund.

According to the EFC, a new business model for immediately financing shovel-ready projects permits more municipalities to get infrastructure loans and subsidized interest rates as low as zero percent.

The 2014 projects include up to 17 in western New York officials say are ready to proceed.

The EFC board on Thursday approved $13 million in loans for Tonawanda aimed at stopping sanitary sewer overflows.

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