$7.5B Federal Credit Program Opens For Dam Safety Projects

The U.S. Army Corps of Engineers is accepting applications for a new $7.5B 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 today 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 Mr. 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.”

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