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October 25, 2018

4 Years Of WIFIA: What Works, What Doesn’t And P3 Potential

By Roger W. Rosendahl

Law 360

Enacted in 2014 as part of the Water Resources Reform and Development Act, or WRRDA, to promote financing and development of water projects, including drinking and wastewater infrastructure, the Water Infrastructure Finance and Innovation Act, or WIFIA, was initially intended as a five-year pilot program. Four years later, it is now a promising vehicle for water project development.

Adopting the financing model established years earlier for transportation project development in the Transportation Infrastructure Finance and Development Act, or TIFIA, WIFIA offers development loans from the United States Treasury at below-market costs of capital more specifically, U.S. Treasury rates, plus a modest basis-point premium tailored to a project’s unique financing profile. Disparate components of water project support are designated to be administered by either the U.S. Environmental Protection Agency or the United States Army Corps of Engineers.

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