TDEC Announces $1.8 Million Loans for Hamilton County Water Improvements
Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced five loans totaling $1.8 million for the Hamilton County Water and Wastewater Authority to provide improve water infrastructure.
The loans are among seven approved by the Tennessee Local Development Authority, with loans for the city of Smyrna and Trezevant totaling $3.7 million.
“We are pleased to be able to help communities with these loans because they make infrastructure more affordable,” Tennessee Governor Bill Lee said. “It is important that Tennesseans receive reliable services, and we are grateful to the local authorities who are working to provide them.”
“Water infrastructure is critical,” Salyers said. “We are pleased to be able to make these loans available and look forward to the results that will flow from this assistance.”
The five Hamilton County Water and Wastewater Treatment Authority loans come from the Clean Water State Revolving Fund Loan Program. These loans will relate to the improvement of the wastewater collection system and have a term of five years at an interest rate of 0.79%.
Through the state revolving fund loan program, communities, utility districts, and water and wastewater authorities can obtain loans at lower interest rates than private financing. These low interest loans can range from zero percent to below market rates, depending on the economic health of each community.
During this fiscal year, TDEC provided $26,192,400 in drinking water loans and $82,825,220 in drinking water loans to support the state’s infrastructure needs. In fiscal 2021, TDEC provided $7,171,000 in drinking water loans and $77,568,000 in drinking water loans for a total of $84,739,000.
Tennessee’s Clean Water State Revolving Fund Loan Program has provided more than $2 billion in low-interest loans since its inception in 1987. Tennessee’s Revolving Fund Loan Program State Clean Water Company has provided more than $300 million in low-interest loans since its inception in 1996.