Comparison of All OWRB Financing Programs
Program

Description & Eligibility

Terms & Interest Rates

Application Requirements

Timing Requirement

Emergency Grant

A point-based program to assist communities facing life, health, or property water or sewer crisis

$100,000 max.; 15% match funds from community; funds from other grant programs cannot be used as matching funds

Must receive at least 60 points to be placed on priority list

None

REAP Grant

A point-based program to assist smaller communities with water and sewer projects who lack sufficient fiscal capacity.

Less than 7,000 population; preference given to towns < 1,750 or rural districts with < 525 non-pasture taps

$150,000 max. Must receive at least 40 points to be placed on priority list

Application deadline: first business day of September

Clean Water State Revolving Fund Loan

Drinking Water State Revolving Fund Loan

Two low-interest loan programs to assist communities with: municipal wastewater or public water supply infrastructure construction projects, stormwater and green infrastructure projects and water efficiency and other pollution control projects.

CWSRF: Approximately 60% of AAA market rate with 40% savings through federal subsidy. 0.5% Admin fee, Up to 30-year term, No Cash Reserve Requirement, No interest charged on unused loan portion.

DWSRF:
Approximately 70% of AAA market rate with 30% savings through federal subsidy. 0.5% Admin fee, Up to 30-year term, No Cash Reserve Requirement, No interest charged on unused loan portion.

Engineering & environmental report. See FACT Guidelines at www.owrb.ok.gov/FACT

Project must be ranked and listed on the project priority list; Projects ready to proceed will receive higher priority.

Financial Assistance Loan

A long-term; low-interest public water & sewer loan program.

Low interest rate based on OWRB's AAA credit rating. Up to a 30-year term.

Cash Reserve Requirement is satisfied when one of the following is met:

  • Cash Reserve - up to 10% of the loan amount.
  • 'Super Debt Coverage Ratio' - 1.40x instead of 1.25x.
  • Minimum credit rating of A- affirmed in the last 18 months.
  • Surety Policy in the amount of not less than the Cash Reserve.

None