A Knox County community has been awarded nearly $1.5 million in a forgivable infrastructure loan for water improvements .
The Illinois Environmental Protection Agency announced Monday the Village of Yates City will use the money to drill a new public water supply well. The village will receive $999,028 in disadvantaged community principal forgiveness and $408,054 in One Well Critical Review principal forgiveness to cover the entirety of the loan.
Illinois EPA Acting Director James Jennings announced the investment of more than $112 million through water infrastructure loans to local governments and water districts for the first half of Fiscal Year 2025. The Illinois EPA State Revolving Fund Program provides low-interest loans which fund wastewater, stormwater, and drinking water projects. Included in these investments is more than $9.9 million in loan forgiveness, provided to those recipients meeting the loan rules for either the Small Community Rate or Hardship Rate.
“Illinois EPA is proud to operate a robust State Revolving Fund that allows us to partner with local governments in meeting the challenges of aging and deteriorating water infrastructure,” Jennings said.
“Our drinking water and wastewater loan programs provide our communities and water districts with vital funding needed to repair and replace the outdated or failing equipment.”
Illinois EPA’s SRF includes two loan programs, the Water Pollution Control Loan Program which funds both wastewater and stormwater projects, and the Public Water Supply Loan Program for drinking water projects.