The Water Infrastructure Finance Authority of Arizona (WIFA) announced today that it had closed a $750,000 30-year CWSRF loan with the Pinedale Estates Domestic Water Improvement District (DWID). The loan carries a 1.739%** interest rate and features $550,000 in Principal Forgiveness.
The DWID will install a new well. First, a pilot well is to be constructed to assess the potential groundwater quality prior to the construction of the complete production well. A potential site for the new well has been selected by the DWID following an engineer’s well siting analysis based on feasibility, cost, and proximity to the existing well site. An alternative solution will be considered if no improvement in water quality is observed at the pilot well. An alternate site may be utilized to construct the new well site.
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.