State Water Implementation Fund for Texas (SWIFT)
In 2013, the Texas Legislature authorized transferring $2 billion from the state's "Rainy Day Fund" to create a new loan program, later approved by Texas voters, to fund projects in the state water plan. This original investment in the State Water Implementation Fund for Texas (SWIFT), which will be leveraged through the State Water Implementation Revenue Fund for Texas (SWIRFT), is designed to fund close to $27 billion in water supply projects over the next 50 years to ensure that Texas communities have adequate supplies of water during drought.
The funds available through SWIFT and SWIRFT will help Texas communities of all sizes—from small rural towns to large metropolitan areas—develop drought-proof water supplies. Projects range from conservation and reuse, to desalting groundwater and seawater, to building new pipelines and developing reservoirs and well fields, to many more.
To be eligible for funding, a project must be a recommended water management strategy in the most recent state water plan. The legislature directed the TWDB to undertake to apply not less than 20 percent of SWIFT financial assistance for water conservation and reuse projects. The TWDB is also directed to undertake to apply an additional 10 percent for projects to serve rural areas, including agricultural conservation projects.
TWDB has developed rules to implement the program, including a point system to prioritize projects that apply for funding. See where we are in the process on our timelines, view our SWIFT presentation, or visit How to Apply for SWIFT.
It is anticipated that the loan closings will occur in November or December 2015. Entities seeking SWIFT funds are asked to review their schedules in anticipation of this important timeline. Local preparation and coordination is crucial to ensure borrowers close their loans quickly following the closing of TWDB's bonds used to fund the program.