The Stormwater Project Accelerator (SPA) provides upfront capital for green stormwater infrastructure projects that will eventually be funded through state and local reimbursement grants.
Are there eligibility requirements?
- Eligible SPA projects include green infrastructure, nature-based solutions, and stormwater best management practices which address water quality issues
- Municipalities, non-profit organizations, and utilities are eligible to participate in the program
- Individual agreements and financing timelines for loans made through the SPA are made on a case-by-case basis
- SPA loans are interest free but a 1.5% fee will be charged on the total loan amount to cover loan administration
- Eligible projects must secure state or local funding and provide a signed grant agreement
Interested municipalities and non-profits should contact RIIB while applying for or soon after receiving commitment from a funding source to determine eligibility and loan process.