Sec. 215. Determination of eligibility and project selection
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To be eligible to receive financial assistance under this chapter, a project shall meet the following criteria, as determined by the Secretary: Subject to subparagraph (B), the project shall be creditworthy, as determined by the Secretary, who shall ensure that any financing for the project has appropriate security features, such as a rate covenant, to ensure repayment. The Secretary shall require each applicant to provide a preliminary rating opinion letter from at least 1 rating agency indicating that the senior obligations of the project (which may be the Federal credit instrument) have the potential to achieve an investment-grade rating.
The eligible project costs of a project and other projects in a watershed shall be reasonably anticipated to be not less than $10,000,000. The Federal credit instrument for the project shall be repayable from dedicated revenue sources that also secure the project obligations. In the case of a project carried out by an entity that is not a State or local government or an agency or instrumentality of a State or local government, the project shall be publicly sponsored. The Secretary shall establish criteria for the selection of projects that meet the eligibility requirements of subsection (a), in accordance with paragraph (2).
The selection criteria shall include the following: The extent to which the project is nationally or regionally significant. The extent to which assistance under this section would foster innovative public-private partnerships and attract private debt or equity investment. The likelihood that assistance under this section would enable the project to proceed at an earlier date than the project would otherwise be able to proceed. The extent to which the project uses new or innovative approaches.
The extent to which projects track evidence about the effectiveness of the one or more projects financed and the availability of the evidence and project information to the public to facilitate replication. The amount of budget authority required to fund the Federal credit instrument made available under this chapter. The extent to which the project helps maintain or protect the environment. The extent to which the project supports the local economy and provides local jobs. The Secretary shall prioritize projects that promote wastewater recycling, agricultural or urban water conservation and efficiency, stormwater capture, or other innovative projects that reduce reliance on surface and groundwater supplies.
Receipt of a Federal grant or contract or other Federal funding to support an eligible project shall not preclude the project from being eligible for assistance under this chapter. Nothing in this section supersedes the applicability of other requirements of Federal law (including regulations).