Application Period for 2017 SWIFT Funding Cycle is Now Open
AUSTIN, TX The Texas Water Development Board (TWDB) will open the application period for the 2017 funding cycle of the State Water Implementation Fund for Texas (SWIFT) program.* Applications will be due by February 3, 2017.
"The first two cycles of funding through the SWIFT program were extremely successful, with the TWDB financing approximately $1.6 billion in state water plan projects," said TWDB Board Chairman Bech Bruun. "In fact, our first SWIFT transaction was announced as the winner of the Bond Buyer's 2016 Southwest Region Deal of the Year in part because of the groundbreaking nature of the program. We are pleased to continue providing communities with this dedicated funding source."
For the 2017 funding cycle, the TWDB anticipates being able to accommodate approximately $500 million in new applications. Projects must be listed in the 2017 State Water Plan to be eligible for SWIFT program financial assistance.
The TWDB is considering an important change for this cyclethe increase of subsidies offered for rural and agricultural projects. Preliminary projections indicate a subsidy level of up to 50 percent for loans.
"The regional planning groups have developed a diverse portfolio of water management strategies to meet their future water needs," said TWDB Board member Kathleen Jackson. "In the first two cycles of SWIFT funding, we approved projects for transmission pipelines, canal linings, capacity expansions, seawater desalination planning, leak detection systems, water meter replacements, and reservoirs. The strategies vary, but the common goal is developing reliable and dependable water supplies for Texas."
The Board discussed the SWIFT financing loan structure. This year's cycle will provide non-rural entities with interest subsidies that range from 16 percent to 35 percent depending upon the length of the loan and type of project.