Washington Public Works Board accepting loan applications now through Sept. 9
$120 million in low-interest state loans available for local infrastructure projects
OLYMPIA, Wash. — The Washington State Public Works Board (PWB) is accepting applications for infrastructure construction and pre-construction loans now through midnight, Sept. 9. Cities, counties, special purpose districts and quasi-municipal organizations may apply. Infrastructure systems eligible for these very low-interest state loans – between 0.47 and 1.39% for a 20-year construction loan – include streets and roads, bridges, domestic water, stormwater, sanitary sewer, and solid waste and recycling.
Approximately $115 million is available for construction loans, and $2.9 million for pre-construction loans. This is the second loan application cycle of the 2021-23 state budget. Funds are awarded to projects that pass through the rating threshold based on a competitive ranking process.
The process for rating and ranking begins Sept. 12, and awards are expected to be announced Oct. 7. Depending on the number and qualifications of applicants, there is no guarantee funds will be available for future loan cycles. In the event that not all funds are committed in the first, subsequent cycles will open every six months for construction loans and every four months for pre-construction loans.
An additional $1.94 million is being deposited in the emergency loan account, bringing available funds to $5 million. Applications for emergency funding remain open on a first-come, first-served basis until all available funds set aside for this program are exhausted. This funding is only available for emergencies in distressed communities and can be awarded as grants under qualifying circumstances.
Application workshop June 14
A virtual application workshop for PWB construction and pre-construction loans is scheduled for June 14 from 10 to 11:00 a.m. PDT. In previous cycles, demand for dollars outpaced available funding. The board expects this cycle to be similarly competitive. Potential applicants are encouraged to attend the workshop.
More information, application and contact
Visit the Public Works Board financing webpage for more information and to complete the online application. For questions, please contact Traditional Programs Director and Tribal Liaison Mark Rentfrow, (360) 529-6432.