About Us
The Council of Infrastructure Financing Authorities is a national not-for-profit organization that represents the Clean Water and Drinking Water State Revolving Funds (SRFs).
SRFs are state-federal partnerships that provide communities with affordable financing for water infrastructure that protects public health and the environment. Over the last three decades, the programs, combined, have generated an investment of more than $244 billion in a variety of water projects, including drinking water treatment, wastewater treatment, water recycling, stormwater management, pollution prevention, environmental conservation and green infrastructure.
Vision
Mission
Our Objectives
To emphasize the importance of water infrastructure to protecting public health and the environment and enhancing the resiliency and economic vitality of our communities.
To advocate for robust and reliable federal funding for the Clean Water and Drinking Water State Revolving Funds.
To advocate for a federal regulatory framework that maximizes taxpayer and ratepayer investment in water infrastructure.
To promote innovation and flexibility in the implementation of State Revolving Funds and other water infrastructure programs so that states can tailor these tools based on the distinct needs of their communities.
To foster excellence by sharing successful strategies for implementing and managing water infrastructure investment programs, particularly State Revolving Funds.
To coordinate and collaborate with other organizations to advance and achieve our mission.
Frequently Asked Questions
Learn about the Clean Water and Drinking Water State Revolving Funds (SRFs).
What are the Clean Water and Drinking Water State Revolving Funds?
The Clean Water and Drinking Water State Revolving Funds are state-federal partnerships that provide low-cost subsidized loans to communities to build water infrastructure that protects human health and the environment.
How are SRFs funded?
SRFs receive federal and state funding. Some states also issue bonds to increase revenue. Since the programs were established, the SRFs have received an annual capitalization grant from the federal government. States are required to match 20% of each grant with state funds.
Why is annual federal funding called a "capitalization" grant?
Federal funding for the SRFs is called a capitalization grant because it is designed to build the capital or “corpus” of the loan programs (the funding that will revolve in perpetuity).
How can states provide their 20% match?
States can appropriate funding in their state budget, use local funding, issue bonds, or generate other income outside the program.
What is a bond?
Bonds are loans with a fixed interest rate and repayment schedule that are issued to governments or companies, usually for investment in capital improvement projects.
How are SRF loans subsidized?
All SRF loans are given at or below the interest rate available on the open market. SRF loans are considered subsidized because federal and state funding allow the SRF interest rates to be offered at these “discounted” rates.
How do SRFs help keep utility rates affordable?
Below market interest rates reduce the amount of interest that must be repaid on the loan, which reduces the cost of infrastructure improvements paid by utility ratepayers.
What is additional subsidization?
Additional subsidization, also referred to as “add sub,” is funding beyond the savings provided by the basic SRF subsidized loans. Additional subsidization includes grants, principal forgiveness and negative interest loans.
What is principal forgiveness?
Principal forgiveness is when all or part of a loan doesn’t have to be repaid.
SRF Backgrounders and Fact Sheets
Federal Policy Priorities
SRF 101 Primer
The Fundamentals of Subsidization
Funding Forever
Governance and Policies
The Council of Infrastructure Financing Authorities establishes policies and procedures to ensure accountability, fiscal responsibility and compliance with federal, state and local laws.