DIAMOND, IL – The Village of Diamond in Grundy/Will County has been granted $167,846.49 in principal forgiveness for their lead pipe replacement project, as part of the Illinois Environmental Protection Agency’s State Revolving Fund (SRF) Program, announced Thursday.
The program provides low-interest loans for drinking water projects, among others.
The Village plans to replace 579 old lead-containing water meters, and any lead piping or components found during meter replacement will also be replaced. The total amount of the project is $335,692.98.
The SRF Program provides a low-interest rate of 1.24 percent for state FY23, and federal capitalization funding is combined with state matching funds, interest earnings, repayment money, and the sale of bonds to finance infrastructure projects.
Director John J. Kim of the Illinois EPA said, “Illinois EPA is pleased to provide financial assistance to help communities address aging infrastructure. These funds not only provide for safe drinking water and protect our water resources, but they also bring good jobs to each community.”
The Village of Diamond’s lead pipe replacement project is one of many that have received funding from the SRF Program in the third quarter of Fiscal Year 2023. In total, $85,956,802 in water infrastructure loans were issued to local governments and water districts across Illinois. Additionally, $13,326,437 in loan forgiveness was provided to recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
The Illinois Environmental Protection Agency has provided funding to other communities across the state. The Metropolitan Water Reclamation District in Cook County received nearly $30 million to repair and upgrade service tunnels. Meanwhile, the Danville Sanitary District in Vermilion County was granted over $24 million for the installation of new equipment and the rehabilitation of existing infrastructure.