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Water Finance Resource Center

Financing water infrastructure is a major challenge and opportunity for communities throughout the country. However, water infrastructure is an extremely broad asset class ranging from drinking and storm water issues to waste water and sewage processing improvements. The development finance toolbox, none the less, provides dozens of financing tools and mechanisms that can be effective in financing this infrastructure. Primarily, three specific tools exist to support water infrastructure – bonds, state revolving loan funds and the new federal credit subsidy program called WIFIA.

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-Understanding Water Finance

Water finance is important to communities across the nation. CDFA has collected many resources to help you understand this important tool.

Orange County Water District WIFIA LoanMembers only Login
A $135 million WIFIA loan will assist the Orange County Water District in expanding its existing 100 million gallons per day (MGD) Groundwater Replenishment System to produce an additional 30 MGD drought-proof drinking water supply for its service area. The project will replenish the Orange County Groundwater Basin and reduce the need for imported water.
San Francisco Public Utilities Commission WIFIA LoanMembers only Login
A $699 million WIFIA loan will assist SFPUC in replacing its existing, outdated solids treatment facilities with new biosolids digester facilities. The new facilities are designed to produce higher-quality Class A biosolids, capture and treat odors more effectively, and maximize biogas utilization and energy recovery.
20th Anniversary Drinking Water State Revolving Loan Fund (DWSRF) Report Members only Login
The 2017 U.S. EPA Drinking Water State Revolving Fund Annual Report contains recent highlights, future opportunities, infrastructure fund activity, set-asides activity, a 2017 financial statement, and success stories.
Clean Water & Drinking Water Grants to U.S. Territories and Washington, D.C. 2017 Report Members only Login
This document produced by the U.S. EPA provides the allotment of portions of the Drinking Water State Revolving Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF) to U.S. Territories and Washington, D.C. for 2017. Also provided are example projects using the funding.
Go Back to The Well: Water Infrastructure Opportunities
This report, produced by the National Resources Defense Council, discusses the power of State Revolving Funds (SRFs) and analyzes how increasing the capacity of SRFs could help to vastly improve water infrastructure throughout the country.
View More Resources

-Water and Sewer Bond Finance Resources

Bonds are used everyday to finance sewer and water infrastructure. CDFA has collected several resources on this important application of bond finance.

CDFA // BNY Mellon Webcast Series: Bonds + Financing SustainabilityMembers only Login
Bonds are considered the bedrock tool for development finance because of their common use funding traditional projects however they also can be adaptable for new types of projects. In the current day and age sustainability has become a key focus in development finance and bonds have more frequently been used to finance this new wave of projects. During this installment of the BNY Mellon // CDFA Webcast Series Sharon Wojda from the City of Bend, Oregon, and Stephen Pearlman from Pearlman & Miranda, LLC., will look at outside the box ideas for issuing bonds to fund sustainable areas of finance including renewable energy, adaptive reuse for infrastructure and sustainable water solutions.
Innovative Stormwater Infrastructure FinanceMembers only Login
Courtney Knight from Public Financial Management, Catherine Godschalk from the Calvert Foundation and Eric Letsinger from Quantified Ventures present on the first of its kind bond that supported DC water infrastructure.
DC Water's Green Bond Report 2016Members only Login
The 2016 District of Columbia Water and Sewer Authority's DC Water's Green Bond Report.
Financing Natural Infrastructure for Coastal Flood Damage ReductionMembers only Login
This paper explores financial tools for investing in natural infrastructure to reduce current and future risks from flooding. The principal author of this report is Dr. Charles S. Colgan, Director of Research at the Center for the Blue Economy at the Middlebury Institute of International Studies at Monterey.
Finance Guide for Resilient by Design Bay Area Challenge Design TeamsMembers only Login
The purpose of this guide, produced by NHA Advisors, is to assist design teams that are part of the Resilient by Design Bay Area Challenge (RbD) by providing a funding and financing reference guide for resilient infrastructure along the San Francisco Bay shoreline.
View More Water and Sewer Bond Resources

-State Revolving Fund Resources

State Revolving Fund's provide low-interest loans for investments in water and sanitation. View CDFA's many resources on this program to learn more.

Financing Contaminated Property TransactionsMembers only Login
This presentation by Charlie Bartsch provides a detailed discussion of many EPA programs, including assessment grants, tax incentives, and revolving loan fund grants.
Using State Revolving Funds to Build Climate-Resilient CommunitiesMembers only Login
This report from the National Resource Defense Council (NRDC) examines State Revolving Funds and their impact on creating climate-resilient communities. The report encourages the development of State Revolving Fund (SRF) policies that incorporate water efficiency, green infrastructure, and flood risk reduction and recommends several approaches to implement projects funded by SRFs.
State Revolving Funds: Financing Drought Resilient Water Infrastructure Projects Members only Login
This report was developed by the Environmental Protection Agency (EPA) to highlight how 13 western states have used the Clean Water State Revolving Fund (“CWSRF”), Drinking Water State Revolving Fund (“DWSRF”), and other complementary state funds to address drought.
Funding Agricultural Best Management Practices with the Clean Water State Revolving Fund Members only Login
This report, produced by the Environmental Protection Agency (EPA), discusses the Clean Water State Revolving Fund program and provides best practices for funding agriculture projects.
View More State Revolving Fund Resources

-Water Infrastructure Finance and Innovation Act (WIFIA)

WIFIA is a federal credit program administered by the EPA for eligible water and wastewater infrastructure projects. CDFA has collected several resources on the important federal program.

WIFIA Letter of Interest Submission and Project SelectionMembers only Login
Water Infrastructure Finance and Innovation Act (WIFIA) Letter of Interest Submission and Project Selection - Learn about the process for prospective borrowers to submit a WIFIA letter of interest and for EPA to evaluate them.
The Water Infrastructure Finance and Innovation Act (WIFIA) Program Members only Login
In recent years, policymakers have considered several legislative options to help finance water infrastructure projects, including projects to build and upgrade wastewater and drinking water treatment systems. This report examines one particular option, a “Water Infrastructure Finance and Innovation Act” (WIFIA) program, which Congress included in the Water Resources Reform and Development Act of 2014.
WIFIA and the US Water Infrastructure GapMembers only Login
The Water Infrastructure Finance and Innovation Act, “WIFIA,” is a funding mechanism that was enacted to address the US water infrastructure gap. WIFIA aims to encourage private investment in public water infrastructure projects, and the EPA announced it had received 43 letters of interest in its first round of solicitations. In this episode of Chadbourne Currents pocast, Chadbourne associate Chadron Edwards speak with Jake Falk, Counsel in their Washington, DC office, to discuss the WIFIA program.
WIFIA Project Approval and Closing
Water Infrastructure Finance and Innovation Act (WIFIA) Project Approval and Closing - Learn about application submission and evaluation, term sheet development, and closing.
WIFIA Project SelectionMembers only Login
Water Infrastructure Finance and Innovation Act (WIFIA) Project Selection - Learn about the application and selection process, including the letter of interest components, selection criteria and their weights, and preliminary creditworthiness and engineering assessments.
View More WIFIA Resources

-Drinking Water Finance Resources

Clean drinking water is essential to a healthy community. These resources provide several examples on how these systems can be financed.

Conditions Are Ripe for More PPPs in for Water InfrastructureMembers only Login
The American Water Works Association estimates the amount needed for investments in US drinking water infrastructure is about $1 trillion. The PPP procurement model is being considered for several projects in development but only a few water and wastewater PPP projects have reached financial close in recent years.
Orange County Water District WIFIA LoanMembers only Login
A $135 million WIFIA loan will assist the Orange County Water District in expanding its existing 100 million gallons per day (MGD) Groundwater Replenishment System to produce an additional 30 MGD drought-proof drinking water supply for its service area. The project will replenish the Orange County Groundwater Basin and reduce the need for imported water.
20th Anniversary Drinking Water State Revolving Loan Fund (DWSRF) Report Members only Login
The 2017 U.S. EPA Drinking Water State Revolving Fund Annual Report contains recent highlights, future opportunities, infrastructure fund activity, set-asides activity, a 2017 financial statement, and success stories.
Clean Water & Drinking Water Grants to U.S. Territories and Washington, D.C. 2017 Report Members only Login
This document produced by the U.S. EPA provides the allotment of portions of the Drinking Water State Revolving Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF) to U.S. Territories and Washington, D.C. for 2017. Also provided are example projects using the funding.
View More Drinking Water Resources

-Sewage & Waste Finance Resources

Proper sanitation and capacity are essential to good sewer systems. These resources provide several different ways of financing sewer & waste systems to ensure that these standards are upheld.

Conditions Are Ripe for More PPPs in for Water InfrastructureMembers only Login
The American Water Works Association estimates the amount needed for investments in US drinking water infrastructure is about $1 trillion. The PPP procurement model is being considered for several projects in development but only a few water and wastewater PPP projects have reached financial close in recent years.
Strengthening Ohio's Water Infrastructure: Financing and PolicyMembers only Login
This report is written by the Greater Ohio Policy Center in fulfillment of a grant from the Ohio Water Development Authority (OWDA) to the Greater Ohio Policy Center (GOPC) to examine new and innovative financing techniques for water, wastewater, and stormwater infrastructure in the state of Ohio.
San Francisco Public Utilities Commission WIFIA LoanMembers only Login
A $699 million WIFIA loan will assist SFPUC in replacing its existing, outdated solids treatment facilities with new biosolids digester facilities. The new facilities are designed to produce higher-quality Class A biosolids, capture and treat odors more effectively, and maximize biogas utilization and energy recovery.
Clean Water & Drinking Water Grants to U.S. Territories and Washington, D.C. 2017 Report Members only Login
This document produced by the U.S. EPA provides the allotment of portions of the Drinking Water State Revolving Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF) to U.S. Territories and Washington, D.C. for 2017. Also provided are example projects using the funding.
View More Sewage & Waste Resources

-Stormwater Finance

Having proper stormwater infrastructure allows cities to quickly remove water from their streets and roadways thus increasing the overall effeciency of the city. These systems are essential and there are many ways to finance them.

Clean Water & Drinking Water Grants to U.S. Territories and Washington, D.C. 2017 Report Members only Login
This document produced by the U.S. EPA provides the allotment of portions of the Drinking Water State Revolving Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF) to U.S. Territories and Washington, D.C. for 2017. Also provided are example projects using the funding.
Financing Natural Infrastructure for Coastal Flood Damage ReductionMembers only Login
This paper explores financial tools for investing in natural infrastructure to reduce current and future risks from flooding. The principal author of this report is Dr. Charles S. Colgan, Director of Research at the Center for the Blue Economy at the Middlebury Institute of International Studies at Monterey.
Strengthening Ohio's Water Infrastructure: Financing and PolicyMembers only Login
This report is written by the Greater Ohio Policy Center in fulfillment of a grant from the Ohio Water Development Authority (OWDA) to the Greater Ohio Policy Center (GOPC) to examine new and innovative financing techniques for water, wastewater, and stormwater infrastructure in the state of Ohio.
Green Bonds for Cities: A Strategic Guide for City-level Policymakers in Developing CountriesMembers only Login
This report by the Climate Policy Initiative offers a strategic guide for cities in developing countries to access green bond market flows, a potential source of finance for cities in developing countries looking to secure investment in low-carbon, climate-resilient infrastructure to meet the water, energy, housing and transportation needs of their expanding urban populations.
View More Stormwater Resources

-Case Studies

Water finance is important to communities across the country. CDFA has collected several case study examples.

Water Infrastructure Finance Authority of AZ 2017 Annual ReportMembers only Login
The 2017 Annual Report for the Water Infrastructure Finance Authority of Arizona
A Wet Weather Case Study of Incorporating Community Interests into Effective Infrastructure Decision-MakingMembers only Login
This case study describes the ways in which the Camden County Municipal Utility Authority (CCMUA), together with the U.S. EPA Office of Wastewater Management (OWM) and representatives from the community-based Camden SMART Initiative, used an augmented infrastructure alternatives analysis approach to help CCMUA identify an optimal and cost-effective mix of green and gray infrastructure to support its Combined Sewer Long-Term Control Plan (LTCP).
Financing Natural Infrastructure for Coastal Flood Damage ReductionMembers only Login
This paper explores financial tools for investing in natural infrastructure to reduce current and future risks from flooding. The principal author of this report is Dr. Charles S. Colgan, Director of Research at the Center for the Blue Economy at the Middlebury Institute of International Studies at Monterey.
San Francisco Public Utilities Commission WIFIA LoanMembers only Login
A $699 million WIFIA loan will assist SFPUC in replacing its existing, outdated solids treatment facilities with new biosolids digester facilities. The new facilities are designed to produce higher-quality Class A biosolids, capture and treat odors more effectively, and maximize biogas utilization and energy recovery.
Finance Guide for Resilient by Design Bay Area Challenge Design TeamsMembers only Login
The purpose of this guide, produced by NHA Advisors, is to assist design teams that are part of the Resilient by Design Bay Area Challenge (RbD) by providing a funding and financing reference guide for resilient infrastructure along the San Francisco Bay shoreline.
View More Case Studies

-Webcasts

CDFA // BNY Mellon Webcast Series: Bonds + Financing SustainabilityMembers only Login
Bonds are considered the bedrock tool for development finance because of their common use funding traditional projects however they also can be adaptable for new types of projects. In the current day and age sustainability has become a key focus in development finance and bonds have more frequently been used to finance this new wave of projects. During this installment of the BNY Mellon // CDFA Webcast Series Sharon Wojda from the City of Bend, Oregon, and Stephen Pearlman from Pearlman & Miranda, LLC., will look at outside the box ideas for issuing bonds to fund sustainable areas of finance including renewable energy, adaptive reuse for infrastructure and sustainable water solutions.
CDFA // BNY Mellon Webcast Series: Opportunities and Advancements in Water FinanceMembers only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers Jordan Dorfman from the EPA, Tyler Old from PFM, John DeLuca from CoBank, and Jong Sook Nee from McManimon, Scotland & Baumann, LLC as they discuss developments in the water finance space and how different financing mechanisms like bonds, RLFs, P3s, and other tools are being used to address today’s water infrastructure projects.
CDFA // BNY Mellon Webcast Series: Financing Water InfrastructureMembers only Login
During this CDFA // BNY Mellon Development Finance Webcast, hear from financing experts as they share capitalization options available for water infrastructure.
View More Webcasts

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