Application Process Overview
The WIFIA application process is two phases:
Phase 1: Project Selection: EPA announces the amount of funding it will have available and solicits letters of interest from prospective borrowers. In their letters of interest, prospective borrowers demonstrate their project's eligibility, creditworthiness, engineering feasibility, readiness to proceed, and alignment with EPA’s policy priorities. Based on this information, EPA selects projects which it intends to fund and invites the prospective borrowers to continue to the application process.
Phase 2: Project Review, Negotiation, and Closing: Each invitee must apply for its WIFIA loan. The WIFIA program conducts a detailed financial and engineering review of the project. Based on that review, the WIFIA program proposes terms and conditions for the project and negotiates them with the applicant until they develop a mutually agreeable term sheet and loan agreement. Prior to closing, the WIFIA program must receive approval from the Administrator or his designee and the Office of Management and Budget. At closing, the prospective borrower executes the credit agreement, which is the binding legal document that allows the borrower to receive WIFIA funds.
For more details on the application process, see the WIFIA Program Handbook.
Notice of Funding Availability
When EPA receives its appropriation, the WIFIA program issues a Notice of Funding Availability (NOFA) to solicit letters of interest from prospective borrowers seeking financing from EPA.
In the Consolidated Appropriations Act, 2019, signed by the President on February 15, 2019, Congress provided $60 million in budget authority for the Water Infrastructure Finance and Innovation Act of 2014 (WIFIA) program to cover the subsidy required to provide a much larger amount of credit assistance. EPA estimates that this budget authority may provide approximately $6 billion in credit assistance and may finance approximately $12 billion in water infrastructure investment.
- FY 2019 Notice of Funding Availability
- FY 2018 Notice of Funding Availability
- FY 2017 Notice of Funding Availability
In the letter of interest, the prospective borrower provides information to demonstrate its projects eligibility, financial creditworthiness, engineering feasibility, and alignment with EPA’s policy priorities. If EPA selects the projects, then the prospective borrower is invited to submit an application. EPA will only select projects that it expects might reasonably proceed to closing. New application materials for the FY 2020 funding round will be available when the next Notice of Funding Availability is announced.
WIFIA Letter of Interest Form
WIFIA Letter of Interest Checklist
Sample Letter of Interest
Sample Financial Pro Forma
WIFIA Application Form
- Sample Financial Pro Forma (PDF)(1 pg, 20 K)