The Water Infrastructure Finance Authority of Arizona (WIFA) announced today that it had closed a $428,000 20-year DWSRF loan with Villa Grande Domestic Water Improvement District. The loan carries a 1.522% interest rate and features $374,600 in Principal Forgiveness.
The loan will fund the design and construction of a Low Waste Ion Exchange treatment process to remove nitrates from the water supply. A previous WIFA loan for $360,000, for the same project, required additional funding to reduce the nitrates below the Maximum Containment Level after nearly doubling since filing for the original loan in 2019.
WIFA is a governmental organization dedicated to protecting public health and promoting environmental quality through financial assistance for water and wastewater infrastructure. WIFA is Arizona's administrator of the Clean water and Drinking Water State Revolving Funds (CWSRF and DWSRF) and provides funding for drinking water, wastewater, and stormwater projects. The SRF programs function like infrastructure banks by providing low-interest loans to eligible recipients for drinking water and clean water infrastructure projects. Over the last 30 years, WIFA has proudly invested over $3 billion in Arizona's communities.