The mission of the Environmental Facilities Corporation is to assist communities throughout New York State to undertake critical water quality infrastructure projects by providing access to low-cost capital, grants, and expert technical assistance. A primary goal is to ensure that these projects remain affordable while safeguarding essential water resources. We support this mission by consistently using an innovative approach to developing and advancing new financing strategies to maximize the funding that can be made available to our clients, aiding compliance with Federal and State requirements, and promoting green infrastructure practices.
The Clean Water State Revolving Fund (“CWSRF") and the Drinking Water State Revolving Fund (“DWSRF") are the Environmental Facilities Corporation’s core funding programs. With its partner, the State Department of Environmental Conservation (“DEC”), the corporation is responsible for the operation and administration of the State’s Clean Water State Revolving Fund. The CWSRF allows EFC to provide interest-free or low-interest rate financing and grants to support a variety of eligible water quality improvement projects, including point source projects, nonpoint source projects and national estuary projects. EFC similarly operates and administers the State’s Drinking Water State Revolving Fund, with its partner the State Department of Health (“DOH”), to finance drinking water infrastructure projects.
Since the inception of the CWSRF program in 1990, EFC has provided more than $30 billion in low-cost financing from the CWSRF to protect water quality. To improve drinking water in the State, EFC has provided more than $7.3 billion in low-cost financing for drinking water projects since the DWSRF began in 1996.
Other key programs operated by EFC include the Water Infrastructure Improvement Act, the Green Innovation Grant Program, and the Wastewater Infrastructure Engineering Planning Grant.
The Corporate Operations Division provides administrative support to the Corporation and includes functions such as accounting, procurement, human resources and support services. More specifically, the Division is responsible for matters such as debt service billing, accounts payable and receivable, payroll processing and the maintenance of corporate vendor contracts, as well as meeting statutory reporting requirements of the Office of the State Comptroller and Authorities Budget Office. The Division also administers the Clean Vessel Assistance Program and East of Hudson Septic System Rehabilitation Reimbursement Program, and is engaged in disbursement activities for the Engineering Planning Grant and Green Innovation Grant programs.
The Division of Engineering and Program Management provides assistance to communities and manages the technical and programmatic aspects of EFC’s financing programs. The Division works with each client and its consulting engineer to ensure the client’s water quality infrastructure project is properly sized and designed to meet the intended water quality objectives, as well as supporting the integration of green practices into traditional gray infrastructure projects. The Division also assists clients in meeting state and federal programmatic requirements such as Minority/Women-Owned Business Enterprise, Davis Bacon wage, and American Iron and Steel requirements.
The Legal Division works closely with a client’s local counsel and bond counsel to provide guidance and support to ensure the client meets the legal requirements necessary to close a financing with the Corporation, including state environmental review, board approval, bond authorization, improvement district formation, and execution of a funding agreement with EFC. The Division also provides legal services and advice to EFC on corporate policies, procurement, litigation, contracts, ethics, and other compliance matters, as well as handling FOIL appeals.
The Public Finance Division assists communities in obtaining low cost capital and grants to undertake critical water quality infrastructure projects. The Division works in conjunction with the client and its financial advisor to develop a financial assistance package that is affordable and sufficiently meets the client’s project related expenses. The Division continues to support the client throughout the project life to ensure timely disbursement of funds during construction. EFC provides financial assistance to clients with moneys from federal capitalization grants, state appropriations, repayments of principal and interest on loans, investment income, and from the sale of EFC bonds. The Division is continuously developing new financing strategies to maximize funding that can be made available to EFC’s clients.