ATLANTA — The city of Sylvester has been awarded a $1,250,000 Drinking Water State Revolving Fund loan by the Georgia Environmental Finance Authority (GEFA) board of directors.
The loan will finance the replacement of water main and fire hydrants. The water system lacks redundancy and some of the fire hydrants are either inoperable or outdated. This project will provide a more reliable water supply for the city.
The city will pay 0.94% interest on the 20-year loan. The loan will finance a conservation project, which qualifies for a reduced interest rate. The city is eligible for principal forgiveness up to $500,000.
The DWSRF provides low-interest loans for infrastructure projects that deliver safe, affordable drinking water. These projects conserve and improve water resources and facilitate economic development. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia.
GEFA offers a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and nonpoint source pollution control projects.
The Georgia Environmental Finance Authority, headquartered in Atlanta, provides financing for a variety of energy, land, and water projects. Since 1985, GEFA has approved financial commitments totaling more than $4.5 billion to local governments, businesses, and nonprofit organizations.
For more information, visit gefa.georgia.gov, Twitter, Facebook, LinkedIn, YouTube, or Flickr.