NY S07056

Extends the deadline for municipalities to qualify for enhanced water pollution control loan terms from September 30, 2021 to September 30, 2024.

Increases the allocation amount for municipalities meeting the extended deadline from 33⅓ percent to 50 percent of the principal loan amount outstanding for eligible projects.

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

Applies these enhanced terms to municipalities that submitted loan applications, closed on loans, and commenced construction between June 1, 1992 and September 30, 2024.

Takes effect immediately upon enactment.