On June 17, 1997, Governor John Engler signed legislation establishing the Michigan DWRF (Part 54 of PA 451, 1994); which through Fiscal Year 2007 (FY07), has provided low interest loans for 169 projects totaling nearly $481 million. If you are interested in applying for a DWRF loan, a final project plan must be submitted or postmarked on or before May 1 to be considered for funding in the next fiscal year.

The discount rate that should be used in project planning beginning FY2008 should be 4-7/8 or 4.875%.