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Board approves $180.6 million in Clean Water Revolving Loan Fund loans for 17 projects
Summary
DEQ presented a list of 17 projects totaling $180.6 million for FY2025 Clean Water Revolving Loan Fund awards; the board approved staff recommendations including subsidized interest rates and one reduction for Prince William County from $100M to $50M.
Kelly Ward, representing the Clean Water Financing and Assistance group, presented the proposed fiscal‑year 2025 project list and associated loan terms. DEQ received 20 applications totaling $340.5 million and removed three projects for not‑ready‑to‑proceed reasons; the final recommended list includes 17 projects totaling approximately $180.6 million in loan authorizations.
Ward explained subsidized interest rate structures (examples: a 20‑year term at 150 basis points below market; 25‑year at 125 basis points below market; 30‑year at 100 basis points below market) and noted a Southwest Virginia pilot program offering 0% for construction projects. She said one large Prince William County request was reduced from $100 million to $50 million as a phased installment of a multi‑year project. Staff recommended authorizing execution of loan agreements for the project list at the listed amounts and terms; a board member moved to approve and the motion carried.
Next steps: DEQ will proceed with loan closings subject to favorable financial capability analyses and any additional closing conditions.
