WASHINGTON—The U.S. Army Corps of Engineers reported on Sept. 20 that it is accepting applications for a new $7.5-billion credit assistance program, the Corps Water Infrastructure Financing Program (CWIFP), for dam safety projects. By providing low-cost, long-term, flexible loans for dam safety projects, the CWIFP will accelerate non-federal investment in the nation’s dam infrastructure.

The CWIFP has opened its inaugural 90-day application period at www.usace.army.mil/CWIFP. The Notice of Funding Availability (NOFA) was posted in the Federal Register at https://www.federalregister.gov/d/2023-20286. The NOFA formally opens the program and provides interested borrowers with instructions on the application process.

“Aging infrastructure causes significant challenges to all levels of government, in particular dam infrastructure. This program will have a huge impact on the nation’s dam infrastructure and will help save local ratepayers and taxpayers by providing long-term, low-cost financing,” said Lt. Gen. Scott A. Spellmon, U.S. Army Corps of Engineers commanding general.

“Today’s posting of the Notice of Funding Availability for the Corps Water Infrastructure Financing Program provides a new and significant tool that can be used to keep the nation’s infrastructure resilient and dependable for multiple generations,” said Michael Connor, the Assistant Secretary of the Army for Civil Works. “As we deal with unprecedented climate challenges that require robust and effective infrastructure, this new financing program will enable continued investment by our local communities in their infrastructure.”

Key features of the CWIFP include:

• Long-term, low-cost credit assistance for water resource infrastructure projects (currently limited to dam safety projects that are non-federally owned, operated, and maintained).
• Funding of up to 49% of project costs, or up to 80% of project costs for projects that serve economically disadvantaged communities.
• Augments other public or private funding and financing sources.
• Requires a dedicated source of repayment (i.e. state or local taxes, user fees, etc.).
• Available to projects or groups of projects with eligible costs in excess of $20 million.

The program will provide approximately $7.5 billion in total project financing and support up to $15 billion of infrastructure investment nationwide. More information about the CWIFP, including how to apply, can be found at https://www.usace.army.mil/CWIFP.