City to Receive $1.3 Million Interest-Free Loan From the Virginia Resources Authority
The Virginia Resources Authority announced Thurs., March 30 the State Water Control Board has authorized funding from the Virginia Water Facilities Revolving Fund to the City of Richmond. The funding consists of an interest-free loan in an amount up to approximately $1.3 million.
The loan will be used to finance a pilot program to identify the benefits and cost-effectiveness of alternatives to permeable pavement surfaces in city alleyways, and the impact of these alternatives on storm water runoff reduction.
“We sincerely appreciate this Virginia Resources Authority loan,” said Mayor Levar M. Stoney. “The pilot program this loan will fund will allow us to better understand what we can do to manage storm water runoff and control water pollution affecting our city.”
“This loan will greatly benefit DPU’s ongoing commitment to utilize green infrastructure BMPs (Best Management Practices) within the storm water utility,” said DPU Director Bob Steidel. “Ratepayers will also see a benefit as a result of the interest-free funding.”
Background:
Since 1987, the Virginia Clean Water Revolving Loan Fund has been providing low interest loan funding for water quality improvement projects throughout the Commonwealth. Funds are currently provided to local governments, public service authorities, agricultural producers, partnerships and corporations for a variety of project types. Loan repayments are circulated back into the fund to create a dedicated source of revenue available for future clean water projects.
The purpose of the Virginia Land Conservation Loan Program is to provide a long-term source of low interest financing for the conservation of land in Virginia in order to improve and/or protect the water resources of the Commonwealth. Additional benefits of the program include the protection of open space or natural values of the properties and/or the assurance of the availability of the land for agricultural, forestal, recreation or open space use. Although these other benefits are of value, the principle focus and utilization of the fund is on beneficial impacts to water quality.