Application period for 2016 SWIFT funding cycle is now open
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (December 2, 2015) – On December 1, the Texas Water Development Board (TWDB) opened the application period for the 2016 funding cycle of the State Water Implementation Fund for Texas (SWIFT) program.* The preliminary, two-page application may be submitted via TWDB’s new online application or by paper-copy until February 5, 2016.
“The TWDB is excited to kick off the 2016 funding cycle for the SWIFT program,” said TWDB Board Chairman Bech Bruun. “The first cycle of funding through the SWIFT program was tremendously successful, with the TWDB financing approximately $900 million in state water plan projects. We hope communities will continue to turn their planning efforts into water supply strategies by utilizing the SWIFT program.”
For the 2016 funding cycle, the TWDB anticipates being able to accommodate approximately $1 billion in financial assistance, with approximately $650 million available for new applications.
The TWDB Executive Administrator recently presented the Board with the SWIFT financing loan structure and expects to be able to provide entities with interest subsidies that range from 20 to 35 percent, depending upon the length of the loan.
Projects must be listed in the approved 2016 Regional Water Plans and the subsequent 2017 State Water Plan to be eligible for SWIFT program financial assistance.
“The water management strategies listed in our state water plan are the result of hard work within the regional planning groups,” said TWDB Board member Kathleen Jackson. “These planning groups have done the analysis and developed impactful water management strategies to meet their future water needs. In our first round of SWIFT funding, we approved projects for transmission lines, wells, land acquisition, seawater desalination, brackish groundwater treatment, canal linings, reservoirs, and metering systems. The strategies vary, but all have one common goal: to develop a reliable and dependable water supply for Texas.”
The preliminary application will provide information the TWDB needs to complete prioritization of the projects. Projects that receive priority for financial assistance will need to submit a full application, which will include a financial, legal, engineering, and environmental review.
SWIFT was established by the Texas Legislature and voters in 2013 to fund projects in the state water plan. SWIFT was created through the transfer of a one-time, $2 billion appropriation from the state’s Rainy Day Fund. The $2 billion will be leveraged with revenue bonds over the next 50 years to finance approximately $27 billion in water supply projects.
For more details on how to apply for the SWIFT program, please visit the TWDB website.
*The SWIFT program includes two funds, the State Water Implementation Revenue Fund for Texas (SWIRFT) and the State Water Implementation Fund for Texas (SWIFT). Revenue bonds for the program are issued through the SWIRFT.
The TWDB is the state agency charged with collecting and disseminating water-related data, assisting with regional planning and preparing the state water plan for the development of the state’s water resources. The TWDB administers cost-effective financial assistance programs for the construction of water supply, wastewater treatment, flood control, and agricultural water conservation projects.