Infrastructure State Revolving Fund (ISRF) Program

Portal ID:
2001
Status:
Active
Opportunity Type:
  • Loan
Last Updated:
 | 

Details

Purpose:

IBank's ISRF Loan Fund program provides low-cost, direct loans to local governments and nonprofits sponsored by public agencies for a wide variety of public infrastructure and economic expansion projects (excluding housing) that improve and sustain communities, helping individuals and families thrive. We focus on small and mid-/moderate-sized local governments and special districts — including those in underserved regions and communities.

Description:

ISRF loans can fund a wide variety of projects – including water and wastewater treatment plant upgrades or construction, venue or airport construction, or street repair and upgrades. ISRF financing is available in amounts ranging from $50,000 to $25 million with loan terms for the useful life of the project up to 30 years.

 

With IBank You:

• Save time — We conduct a preliminary review process and provide feedback before inviting you to apply.
• Can submit applications any time of the year. We accept applications continuously, and because we issue our own bonds to generate funds, we do not run out of funding.
• If approved, can receive funds within 45 to 90 days of IBank board approval.
• Receive low, competitive, fixed-interest rates up to 30 years. We are AAA rated, and we pass our low borrowing costs (through bonds) to you.
• Don’t have to compete against others — No scoring mechanisms, we operate on a first-come, first-served basis.
• Get transparency every step of the way — No surprises

We are experts in municipal lending and our loan team values access to opportunity, diversity, and inclusion and truly cares about connecting city and other local governments to the low-cost financing they need to make their important public infrastructure and economic expansion projects a reality.

 

Eligible Projects:

Include, but are not limited to:

City streets
County highways
State highways
Drainage, water supply and flood control
Educational, cultural and social facilities
Environmental mitigation measures
Goods movement-related infrastructure
Parks and recreational facilities
Port facilities
Power and communications facilities
Public transit
Sewage collection and treatment
Solid waste collection and disposal
Water treatment and distribution
Defense conversion
Public safety facilities
Military infrastructure
Industrial, utility and commercial

 

Eligible Costs for Financing Include:

• All or any part of the cost of construction, renovation, and acquisition of all lands, structures, real or personal property.
• Rights, rights of way, franchises, licenses, easements, and interests acquired or used for a project.
• The cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which the buildings or structures may be moved.
• The cost of machinery, and equipment.
• Provisions for working capital.
• Other expenses necessary or incidental to determining the feasibility of any project or incidental to the construction, acquisition, or financing of any project.
• The cost of architectural, engineering, financial and legal services, plans, specifications, estimates, and administrative expenses.
• Interest prior to, during, and for a period after, completion of construction, renovation, or acquisition, as determined by the IBank.
• Reserves for principal and interest and for extensions, enlargements, additions, replacement, renovations, and improvements.

Eligibility Requirements

Eligible Applicants:

  • Public Agency

Eligible applicants include, but are not limited to: any subdivision of a local government, including cities, counties, special districts, assessment districts, joint powers authorities and non-profit corporations (as deemed eligible).

Eligible Geographies:

California

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Continuous
Period of performance The length of time during which the grant money must be utilized.
Continuous

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$100,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Other

Funding Source Notes:

Sources of Financing Repayment:

Water, sewer and other enterprise revenues, general fund revenues, property assessments, Mello-Roos, special taxes, and other recurring revenues acceptable to IBank.

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Reimbursement(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-341-6600, infrastructureloans@ibank.ca.gov