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New Law Provides Funding For U.S. Army Corps of Engineers’ Water Infrastructure Financing Program

A years-old U.S. Army Corps of Engineers program that could fund dam, levee or multi-purpose projects to improve the inland waterways navigation system received its first funding ever in the huge omnibus appropriations package signed into law by President Trump.

Authorized by a 2014 law, the Corps Water Infrastructure Financing Program (CWIFP) is expected to accelerate non-federal investments in water resources projects by providing long-term, low-cost loans to creditworthy borrowers.

Corps Commander and Lt. Gen. Scott Spellmon described the program as a critical tool that will provide significant savings to non-federal entities when implementing water resources projects. Initial appropriations for the program included $12 million for credit subsidy and $2.2 million for its administration, and the Corps said the program will allow up to $950 million in loans.

“This program will enable local investment in projects that enhance community resilience to flooding, promote economic prosperity and improve environmental quality,” Spellmon said.

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