[Congressional Record Volume 167, Number 85 (Monday, May 17, 2021)]
[Extensions of Remarks]
[Page E529]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                       EXTENDING WIFIA LOAN TERMS

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                          HON. JOHN GARAMENDI

                             of california

                    in the house of representatives

                          Monday, May 17, 2021

  Mr. GARAMENDI. Madam Speaker, recently I introduced a necessary 
amendment to the Water Infrastructure Finance and Innovation Act of 
2014 (WIFIA). This provision was included in my ``WIFIA Improvement Act 
of 2020'' (H.R. 8217) from last Congress. I thank my colleague 
Congressman Newhouse (R-WA) for his support as the original cosponsor 
this year.
  Our bipartisan bill would allow local communities seeking to build 
water infrastructure projects to secure federally guaranteed financing 
under the U.S. Environmental Protection Agency's WIFIA loan program 
with a 55-year repayment schedule rather than the current 35-year loan 
term. This change would unlock low-interest WIFIA financing for 
projects with longer lifecycles like the off-stream Sites Reservoir 
Project in my Congressional district and similar water storage 
projects.
  For fiscal year 2021, Congress made more than $11.5 billion in 
federal WIFIA loans available. By making WIFIA loan terms more workable 
for projects with longer lifecycles, at no risk to the taxpayer, this 
bill will allow California and other western states to modernize water 
infrastructure and better meet future water supply needs.
  Madam Speaker, I urge all members to cosponsor this bipartisan bill 
to unlock the federal financing necessary to construct the water 
infrastructure of the future. I plan to make this bipartisan bill a 
major priority in my work as a member of the House Committee on 
Transportation and Infrastructure, including in any WIFIA 
reauthorization. The current Congressional authorization for the WIFIA 
program expires at the end of fiscal year 2021.

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