A whopping $600 million in State Revolving Fund (SRF) loan applications have been submitted for 2007, according to preliminary numbers from the Michigan Department of Environmental Quality. The loan amounts were almost three times the previous years' totals.
The dollar figures were so large that they could exceed the state’s annual lending capacity by as much as $100 million. Analyses are still being completed, but the state estimates that the SRF will lend about $480 million next year compared to awards averaging only $160 million per year over the last three years. Of the money available for next year, over $250 million can be directly attributed to the Great Lakes Water Quality Bond Initiative of 2002.
Two major applications of note are a $157 million project in Detroit and a $96 million project in Dearborn.
In addition to these SRF loan applications, there were $76 million in applications from the Drinking Water Revolving Fund (DWRF), which is a ten percent increase, and $2.3 million from the Strategic Water Quality Initiatives Fund (SWQIF). The state anticipates enough money available in these individual revolving funds to satisfy the demands for next year.
The future also looks bright for the underground industry, as the state expects applications in the $600 million range each year for at least the next four or five years.
MITA will be publishing the list of applications when they become available in the days ahead.
If you have any questions please contact Mike Nystrom, Vice President of Government and Public Relations at firstname.lastname@example.org; or Keith Ledbetter, Director of Legislative Affairs email@example.com; or by calling the MITA office at (517) 347-8336.