The State Revolving Fund program will see a sizeable 1st quarter (beginning in October, 2009), with over 40 projects worth $300 million likely being advertised later this month.
This list does not include any “mega” Detroit and Dearborn projects. This should bode well for contractors across the state, as it reflects a more balanced distribution of project locations and types. (Click here for the SRF and DWF project list for 2010.)
This year is front-loaded with first quarter projects because this is the last quarter that they can receive stimulus money. The federal legislation called on stimulus projects to be given principal loan forgiveness in order to entice communities to apply for the available dollars. “Principal forgiveness” allows communities to avoid paying back a portion of their loan amount in order to encourage them to move forward with their water and sewer projects.
This week, the MI Department of Environmental Quality has estimated that they will provide $420 million in loans for the entire year. This figure is nearly double what was loaned out last year.
