MEMPHIS, Tenn. — Memphis is getting a loan of more than $42 million to improve the water infrastructure for the city.
Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) announced the loan Thursday, March 28, 2024, which comes from the Clean Water State Revolving Fund Loan Program. The program addresses infrastructure issues to allow for clean drinking water for the community.
The City of Memphis loan totals $42.1 million and is one of two approved by the Tennessee Local Development Authority. The other loan of $2.5 million is going to the City of Dyersburg.
“Clean water is vital for all Tennesseans, and this important program is a primary tool to deliver that resource,” TDEC Commissioner David Salyers said. “These low-interest loans make it possible for communities to update their infrastructure in a sustainable way.”
“Strong and reliable water infrastructure is critical for Tennessee communities and this loan program makes needed upgrades possible,” Gov. Lee said. “We look forward to the benefits Tennesseans will see as a result of these improvements.”
The City of Memphis loan is a 20-year loan at 1.36% interest. The city also received $2.5 million in principal forgiveness with the remainder of the loan to be paid back as principal.