NY S07953

Extends the deadline for municipalities to qualify for enhanced financial assistance under the water pollution control revolving fund from September 30, 2018 to September 30, 2021.

Increases the allocation applicable to eligible projects financed with revolving fund loans from 33⅓ percent to 50 percent of the principal loan balance for municipalities meeting specific criteria (application submitted, loan closed, and construction commenced within the extended period).

Reduces the maximum interest rate charged on qualifying loans from two-thirds of market rate to one-half of market rate for municipalities meeting the same criteria.

Applies these enhanced terms only to municipalities that submitted loan applications by September 30, 2021, closed on such loans, and commenced construction of eligible projects.

Takes effect immediately upon enactment.