AUSTIN, TEXAS — Today, the Texas Water Development Board (TWDB) approved the prioritized project list for the 2020 Flood Infrastructure Fund (FIF) inaugural cycle and establishing the amount of funds available for applications, the structure of financing, and the terms of the subsidy. The action taken represents step two of the five-step process, which will eventually provide funding for future flood mitigation projects in Nueces County.

For the 2020 Abridged Application Prioritized Project List, TWDB approved 285 abridged applications requesting a total of $2,390,567,776. However, only applications from entities with projects ranked within the available funding. As of today, $770 million is available for projects, of which $231 million (30%) is allocated to grants and $539 million (70%) is allocated for loans. Among the 285 eligible applications that made the first cut, the 2020 Abridged Application Prioritized Project List includes 7 projects (listed below) within Nueces County.

As part of step three of the process, starting tomorrow the TWDB will begin inviting entities to submit complete financial assistance applications and Letters of Intent to Apply. Letters of Intent to Apply will be distributed to all applicants within the available funding as well as those below the line, which will form a waiting list should funds become available. Should funds become available due to invited entities declining to apply, invitations will be sent in ranked order down the prioritized list to applicants that met the TWDB’s Intent to Apply deadline. After complete applications are reviewed, TWDB will make a financial assistance recommendation to be considered by the Board in public meetings this upcoming Fall and Winter.

The 2019 Texas Legislature passed several bills related to flooding, including Senate Bill 7 which lead to creation of the FIF program. The new FIF program provides financial assistance in the form of loans with an interest rate of 0% and grants for flood control, flood mitigation, and drainage projects. As Vice Chair of the Senate Finance Committee and a co-author of Senate Bill 500, Senator Juan "Chuy" Hinojosa was instrumental in securing funding to start the FIF program through a one-time transfer of $793 million from the "Rainy Day" Fund.

Senator Juan "Chuy" Hinojosa issued the following statement:

"As the state continues to deal with ramifications of COVID-19, we cannot forget the flood disasters our state has dealt with in the past. I appreciate our local officials on completing the first step of the process by submitting their abridged applications earlier this summer. We must also move forward with investing in flood mitigation projects to prepare for future flood events. With today's action by the TWDB, the state takes another step towards mitigating the damage caused by future flood events. The Flood Infrastructure Fund Program was established for this purpose and I am glad to see the process is moving forward despite the current economic downturn."

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