DEPT. OF USDA, RURAL FINANCIAL COMMERCE AND DEVELOPMENT WATER & REVOLVING FUND FINANCE AUTHORITY ASSISTANCE COMMUNITY WASTEWATER AFFAIRS - CDAP $350,000 (construction) 75% of eligible costs when median $150,000 (design only household income is below 80% of N/A N/A $15,000 (planning) State’s non-metropolitan median Maximum Grant household income; 45% of eligible Available costs when median household income is below the State’s median household income. 25% Not required but increases funding Match Required priority. N/A N/A Poverty Rate 60% of the Bond Rate for new loan Double tax-exempt revenue – N/A Buyer Index for projects in areas awards in the current bonds, backed by the moral with median household incomes fiscal year is obligation of the state, below 80% or less of State median established each July 1 currently trade as rated “A” and needed to meet a health or at ½ of the average with positive outlook. sanitary standard. Intermediate market rate for the Loan Rates Rate 80% of bond buyer index in previous 12 months. – areas with incomes between 80 and 100% of State median. Most recent four years: Market Rate For higher income 2.5%. Less than 3.0% – applicants. Rate tied to bond for buyer index. 4.375% Last eleven years. 40 years. 20 years. 40 years. However, loan N/A terms may not exceed the Maximum Loan Term useful life of the facility being financed. Bond, Debt Certificate or Note. Bond or Note. notes, or any debt Loan Repayment N/A instrument allowed by law to be utilized by applicant.
FINANCIAL ASSISTANCE DEPT. OF COMMERCE AND COMMUNITY AFFAIRS - CDAP USDA, RURAL DEVELOPMENT WATER & WASTEWATER REVOLVING FUND FINANCE AUTHORITY Maximum Grant Available $350,000 (construction) $150,000 (design only $15,000 (planning) 75% of eligible costs when median household income is below 80% of State’s non-metropolitan median household income; 45% of eligible costs when median household income is below the State’s median household income. N/A N/A Match Required 25% Not required but increases funding priority. N/A N/A Loan Rates N/A Poverty Rate – 60% of the Bond Buyer Index for projects in areas with median household incomes below 80% or less of State median and needed to meet a health or sanitary standard. Intermediate Rate – 80% of bond buyer index in areas with incomes between 80 and 100% of State median. Market Rate – For higher income applicants. Rate tied to bond buyer index. 4.375% Rate for new loan awards in the current fiscal year is established each July 1 at ½ of the average market rate for the previous 12 months. Most recent four years: 2.5%. Less than 3.0% for Last eleven years. Double tax-exempt revenue bonds, backed by the moral obligation of the state, currently trade as “A” rated with positive outlook. Maximum Loan Term N/A 40 years. 20 years. 40 years. However, loan terms may not exceed the useful life of the facility being financed. Loan Repayment N/A Bond, Debt Certificate or Note. Bond or Note. notes, or any debt instrument allowed by law to be utilized by applicant.
IL-watersewerfundingcomp.docx