ENVIRONMENTAL FACILITIES CORP. APPROVES $511.45 MILLION IN LOANS
FOR ENVIRONMENTAL PROJECTS CONNECTED WITH NEW NY BRIDGE
Low-Cost Loans Will Support Thruway Authority Efforts to Protect River Habitats and Wildlife in the Hudson River Estuary, Help Keep Bridge Tolls as Low as Possible
Click here for facts on how EFC is helping protect the Hudson River.
Click here for financial facts regarding EFC's financing of Estuary Projects
The Board of Directors of the New York State Environmental Facilities Corp. (EFC) today unanimously approved a $511.45 million, low-interest loan to the New York State Thruway Authority for environmental protection and Hudson River restoration projects related to the New NY Bridge project to replace the Tappan Zee.
The short-term loan from EFC – half at zero-percent interest and the other half at a low market rate – will go toward environmental projects to protect water quality and marine life in the Hudson River estuary, including protection of endangered sturgeon, oyster beds and other habitats, during and after construction of the New NY Bridge. These projects implement the New York-New Jersey Estuary's Comprehensive Conservation and Management Plan (CCMP).
Because the Thruway Authority is expected to save at least $17 million over three years (2016, 2017, 2018) or $5.6 million per year on average, compared with traditional Thruway bonds, the EFC loans will help keep tolls on the new bridge as low as possible.
The loan will be made from EFC's Clean Water State Revolving Fund (CWSRF), which is the largest and most-innovative revolving loan fund in the nation. The financing of the Estuary projects is based on clear authority under the federal Clean Water Act. Based on applications this year, EFC is meeting all requests for financing with one exception for a total of more than $1.3 billion in short-term loans for more than 100 wastewater and drinking water projects across the state.
”These projects promote the health of the Hudson River Estuary and implement the EPA-approved Comprehensive Conservation and Management Plan for the New York-New Jersey Harbor & Estuary. This plan has served as the guiding instrument for managing this important estuary for two decades,” said EFC Chairman of the Board Joseph Martens.
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