Securing Required Funding for Water Infrastructure Now Act

Summary: Securing Required Funding for Water Infrastructure Now Act or the SRF WIN Act This bill amends the Water Infrastructure Finance and Innovation Act of 2014 (WIFIA) to allow the Environmental Protection Agency (EPA) to provide additional financial assistance (e.g., low-interest loans) through FY2023 to state infrastructure financing authorities for drinking water state revolving funds (SRFs) and clean water SRFs to carry out certain water and wastewater infrastructure projects.  For projects funded under this bill, the EPA: (1) must expedite their application and review process, (2) may provide up to 100% of the project costs, and (3) must provide financial assistance based on need and give equal consideration to drinking water projects and wastewater projects. Total financial assistance provided under this bill may not exceed $7 billion per state. The bill authorizes the U.S. Army Corps of Engineers and the EPA to provide financial assistance under WIFIA to carry out projects for flood damage reduction, storm damage reduction, environmental restoration, or navigation improvement to certain waterways. Under current law, such financial assistance may be provided to only pilot projects.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securing Required Funding for Water 
Infrastructure Now Act'' or the ``SRF WIN Act''.

SEC. 2. INNOVATIVE FINANCING FOR STATE LOAN FUNDS.

    (a) In General.--The Water Infrastructure Finance and Innovation 
Act of 2014 (33 U.S.C. 3901 et seq.) is amended by adding at the end 
the following:

``SEC. 5036. INNOVATIVE FINANCING FOR STATE LOAN FUNDS.

    ``(a) Definition of State Loan Funds.--In this section, the term 
`State loan funds' means--
            ``(1) State drinking water treatment revolving loan funds 
        established under section 1452 of the Safe Drinking Water Act 
        (42 U.S.C. 300j-12); and
            ``(2) State water pollution control revolving funds 
        established under title VI of the Federal Water Pollution 
        Control Act (33 U.S.C. 1381 et seq.).
    ``(b) Financial Assistance to State Loan Funds.--The Administrator 
may provide financial assistance under this section to State 
infrastructure financing authorities for State loan funds to carry out 
water and wastewater infrastructure projects in accordance with this 
section.
    ``(c) Eligible Activities.--
            ``(1) In general.--The following activities may be carried 
        out by a State infrastructure financing authority with 
        financial assistance made available under this section:
                    ``(A) One or more activities that are included in 
                the intended use plan under section 606(c) of the 
                Federal Water Pollution Control Act (33 U.S.C. 
                1386(c)).
                    ``(B) One or more activities that are included in 
                the project priority list of the intended use plan 
                under section 1452(b) of the Safe Drinking Water Act 
                (42 U.S.C. 300j-12(b)).
            ``(2) Administrative costs.--Financial assistance provided 
        under this section may be used to pay the reasonable costs of 
        administration related to that financial assistance.
            ``(3) Application fees.--Section 5029(b)(7) shall not apply 
        to financial assistance made available under this section.
            ``(4) Treatment of projects.--In determining whether to 
        provide financial assistance under this section, the 
        Administrator shall consider a project to be all of the 
        activities included in an intended use plan described in 
        subparagraph (A) or (B) of paragraph (1).
            ``(5) State and local decisionmaking.--A State 
        infrastructure financing authority that receives financial 
        assistance under this section may use the assistance for any 
        activity included in an intended use plan described in 
        subparagraph (A) or (B) of paragraph (1).
    ``(d) Requirements.--
            ``(1) In general.--Except as otherwise provided in this 
        section, the requirements and procedures under this subtitle 
        shall apply to a project under this section.
            ``(2) Interest rate.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the interest rate on a secured loan 
                provided under this section shall be equal to the yield 
                on United States Treasury securities of a similar 
                maturity to the maturity of the secured loan on the 
                date of execution of the loan agreement.
                    ``(B) Certain states.--
                            ``(i) In general.--In the case of a State 
                        described in clause (ii)--
                                    ``(I) the interest rate on a 
                                secured loan provided under this 
                                section shall be 80 percent of the 
                                interest rate under subparagraph (A); 
                                but
                                    ``(II) if there is not sufficient 
                                demand for loans under this 
                                subparagraph (as determined by the 
                                Administrator), the Administrator may 
                                provide a secured loan at an interest 
                                rate that is not less than 50 percent 
                                and not more than 80 percent of the 
                                interest rate under subparagraph (A), 
                                as determined by the Administrator with 
                                respect to each loan.
                            ``(ii) States described.--A State referred 
                        to in clause (i) is a State--
                                    ``(I) that received less than 2 
                                percent of the total amount of funds 
                                made available to States for the State 
                                loan funds for the most recent fiscal 
                                year for which data is available; or
                                    ``(II) for which the President has 
                                declared a major disaster in accordance 
                                with section 401 of the Robert T. 
                                Stafford Disaster Relief and Emergency 
                                Assistance Act (42 U.S.C. 5170) during 
                                the period beginning on January 1, 
                                2017, and ending on the date of 
                                enactment of this section, if the 
                                secured loan is for a project related 
                                to wastewater or drinking water 
                                infrastructure damaged by the major 
                                disaster.
                    ``(C) Distribution of loans.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), of the total amount of funds made 
                        available to provide secured loans under this 
                        section--
                                    ``(I) 50 percent shall be provided 
                                for secured loans at the interest rate 
                                described in subparagraph (A); and
                                    ``(II) 50 percent shall be provided 
                                for secured loans at the interest rate 
                                described in subparagraph (B)(i) to 
                                States described in subparagraph 
                                (B)(ii).
                            ``(ii) Reallocation.--For any fiscal year, 
                        if amounts for loans described in clause 
                        (i)(II) remain available, the Administrator may 
                        reallocate the amounts to be used for loans 
                        described in clause (i)(I) to meet applicant 
                        demand.
            ``(3) Certain state reviews.--
                    ``(A) In general.--A project under this section 
                shall comply with any applicable State environmental or 
                engineering review requirements pursuant to, as 
                applicable--
                            ``(i) title VI of the Federal Water 
                        Pollution Control Act (33 U.S.C. 1381 et seq.);
                            ``(ii) section 1452 of the Safe Drinking 
                        Water Act (42 U.S.C. 300j-12);
                            ``(iii) section 35.3140 of title 40, Code 
                        of Federal Regulations (or successor 
                        regulations); and
                            ``(iv) section 35.3580 of title 40, Code of 
                        Federal Regulations (or successor regulations).
                    ``(B) No new reviews required.--Nothing in this 
                section requires any additional or new environmental or 
                engineering review for a project under this section 
                other than any requirement otherwise applicable to the 
                project.
            ``(4) Federal share.--Notwithstanding section 5029(b)(9), 
        financial assistance for a project under this section may be 
        used to pay up to 100 percent of the costs of the project.
            ``(5) Total amount per state.--Financial assistance under 
        this section shall be used to support loans in an amount not to 
        exceed $7,000,000,000 per State for the period of fiscal years 
        2019 through 2023.
    ``(e) Expedited Review of Applications.--Not later than 180 days 
after the date on which the Administrator receives a complete 
application for a project under this section, the Administrator shall, 
through a written notice to the State infrastructure financing 
authority--
            ``(1) approve the application; or
            ``(2) deny the application and provide an explanation as to 
        why the application was denied.
    ``(f) Funding.--
            ``(1) Authorization of appropriations.--
                    ``(A) In general.--There is authorized to be 
                appropriated to the Administrator to carry out this 
                section $200,000,000 for each of fiscal years 2019 
                through 2023, to remain available until expended.
                    ``(B) Sense of congress.--It is the sense of 
                Congress that the amounts authorized to be appropriated 
                to carry out this section will support, for each fiscal 
                year--
                            ``(i) $10,000,000,000 in secured loans at 
                        the interest rate described in subsection 
                        (d)(2)(A); and
                            ``(ii) $850,000,000 in secured loans at the 
                        interest rate described in subsection 
                        (d)(2)(B)(i).
            ``(2) Administrative costs.--
                    ``(A) In general.--Of the funds made available to 
                carry out this section, the Administrator may use for 
                the administration of this section, including for the 
                provision of technical assistance to aid State 
                infrastructure financing authorities in obtaining the 
                necessary approvals for eligible activities, not more 
                than $5,000,000 for each of fiscal years 2019 through 
                2023.
                    ``(B) Fee waivers.--
                            ``(i) In general.--Of the funds made 
                        available to carry out this section, the 
                        Administrator may use for costs related to 
                        processing and reviewing applications, 
                        including underwriting, such amounts as are 
                        necessary for each of fiscal years 2019 through 
                        2023, to remain available until expended.
                            ``(ii) Other fees.--The funds under clause 
                        (i) shall be used in lieu of fees collected 
                        under section 5030(b).
            ``(3) No impact on other federal funding.--No funds shall 
        be made available to carry out this section if--
                    ``(A) the total amount made available for a fiscal 
                year for the State loan funds is less than the total 
                amount made available for those funds for fiscal year 
                2018; or
                    ``(B) the amount made available for a fiscal year 
                for assistance under this subtitle (other than this 
                section) is less than the amount made available for 
                that assistance for fiscal year 2018.
    ``(g) Distribution and Allotment of Funds.--
            ``(1) Distribution of funds.--In determining the 
        distribution of funds between the State loan funds, the 
        Administrator shall--
                    ``(A) provide financial assistance based on need; 
                and
                    ``(B) give equal consideration to drinking water 
                projects and wastewater projects.
            ``(2) Selection.--Notwithstanding section 5028(b), in 
        providing financial assistance under this section, the 
        Administrator shall select projects based on need, as 
        determined by the Administrator.
    ``(h) Sunset.--The authority to provide assistance under this 
section shall terminate on September 30, 2023.''.
    (b) Funding.--Section 5033 of the Water Infrastructure Finance and 
Innovation Act of 2014 (33 U.S.C. 3912) is amended by inserting 
``(other than section 5036)'' after ``this subtitle'' each place it 
appears.
    (c) Removal of Pilot Designation.--
            (1) Subtitle C of title V of the Water Resources Reform and 
        Development Act of 2014 (33 U.S.C. 3901 et seq.) is amended by 
        striking the subtitle designation and heading and inserting the 
        following:

             ``Subtitle C--Innovative Financing Projects''.

            (2) Section 5023 of the Water Infrastructure Finance and 
        Innovation Act of 2014 (33 U.S.C. 3902) is amended by striking 
        ``pilot'' each place it appears.
            (3) Section 5034 of the Water Infrastructure Finance and 
        Innovation Act of 2014 (33 U.S.C. 3913) is amended by striking 
        the section designation and heading and inserting the 
        following:

``SEC. 5034. REPORTS ON PROGRAM IMPLEMENTATION.''.

            (4) The table of contents for the Water Resources Reform 
        and Development Act of 2014 (Public Law 113-121; 128 Stat. 
        1195) is amended--
                    (A) by striking the item relating to subtitle C of 
                title V and inserting the following:

             ``Subtitle C--Innovative Financing Projects'';

                    (B) by striking the item relating to section 5034 
                and inserting the following:

``Sec. 5034. Reports on program implementation.'';
                and
                    (C) by inserting after the item relating to section 
                5035 the following:

``Sec. 5036. Innovative financing for State loan funds.''.