ATLANTA — The city of Ellaville has been awarded a $500,000 Drinking Water State Revolving Fund (DWSRF) loan by the Georgia Environmental Finance Authority (GEFA) board of directors.
The loan will finance the construction of a well, the rehabilitation of an existing well, and the installation of water mains. The city lacks its own source of drinking water and relies on a neighboring water system. This project will create a reliable water source for the city, reduce water loss, and address potential health hazards.
The city will pay 1.84 percent interest on the 20-year loan. The loan qualifies for a reduced interest rate because a portion of the project is a conservation activity. The city is eligible for principal forgiveness up to $100,000.
The DWSRF, a federal loan program administered by GEFA, provides communities throughout Georgia with low-interest loans to fund water infrastructure projects that deliver safe, affordable drinking water. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia. Eligible projects include a wide variety of public health or compliance related water supply projects. These projects conserve and improve water resources and facilitate economic growth and development. Low-interest loans from this program are available up to $25 million.
About the Georgia Environmental Finance Authority (gefa.georgia.gov):
The Georgia Environmental Finance Authority (GEFA), headquartered in Atlanta, is the lead agency for state energy programs; directs the Georgia Land Conservation Program; maintains state-owned fuel storage tanks; and offers financing for reservoir and water supply, water quality, stormwater, and solid waste infrastructure. Since 1985, GEFA has approved financial commitments totaling more than $4.3 billion to local governments, businesses, and nonprofit organizations. For more information, visit gefa.georgia.gov, Twitter, Facebook, LinkedIn, YouTube, or Flickr.