New York, New York – Earlier today, Governor Andrew Cuomo signed into law a three-year extension of New York State’s subsidy for the cost of financing municipal projects pursuant to the federal Clean Water State Revolving Fund.

The law, which will mark the first bill signed into law for Assembly Member Rebecca A. Seawright, provides interest rate subsidies to municipalities that acquire, construct and upgrade eligible water pollution control projects through the federal Clean Water State Revolving Fund.

“This law will allow for the continuation of valuable technological advances for the protection of New York’s water,” Assembly Member Rebecca A. Seawright said. She continued, “By making these projects more affordable for local governments throughout the state, we are putting to use New York’s brightest minds in addition to supporting environmental innovations that will minimize human impact on our natural resources.”

The program, which is jointly administered by the New York State Environmental Facilities Corporation and the Department of Environmental Conservation, calls for a state to contribute 20% of the federal capitalization grants. To date, the federal program has provided more than $14 billion for low-cost financing of water quality protection projects.