New York’s Environmental Facilities Corporation (EFC) has approved more than $265m financial assistance for water infrastructure improvement projects across the state.

The approval includes low-cost financing through the Clean Water State Revolving Fund (CWSRF), Drinking Water State Revolving Fund (DWSRF) and previously announced grants.

It enables the communities to build critical water infrastructure projects, upgrade ageing systems, safeguard drinking water supplies, protecting natural resources.

Governor Hochul said: “We are funding essential projects to upgrade our water infrastructure and protect the health of our communities.

“Today we’re putting another $265m out on the streets and building on the incredible progress we’ve made toward making sure every New Yorker has access to the clean, safe water they deserve.”

The funding includes investments from the federal Bipartisan Infrastructure Law (BIL) and the State’s Water Infrastructure Improvement (WIIA) grant program.

Chemung County will receive nearly $200m in BIL grants and financing for the wastewater treatment plant consolidation project, along with a $25m WIIA grant.

The project includes expanding the 35-year-old Milton Street Wastewater Treatment Plant, retiring 50-year-old Lake Street Wastewater Treatment Plant and merging the two facilities.

EFC Board approved long-term, interest-free financing totalling $15m for projects located in the Villages Dryden, Franklinville, City of Glens Falls, and the Town of Sandy Creek.

The project will receive short-term capital financing for the design and construction, which will be refinanced to a 30-year long-term financing once project construction is completed.

Based on current market conditions, the long-term financings are anticipated to save an estimated $19m in interest payments to local ratepayers, over the life of the financings.

Environmental Facilities Corporation president and CEO Maureen Coleman said: “EFC is delivering on Governor Hochul’s goal of ensuring that cost is not a barrier for communities that need to undertake vital drinking water and sewer projects.

“New York’s nation-leading water infrastructure investment programs, together with funding from the federal Bipartisan Infrastructure Law are providing tangible solutions to help modernize our crucial infrastructure and ensure local neighbourhoods are healthy, resilient, and thriving.”