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The Massachusetts Clean Water Trust

The Massachusetts Clean Water Trust (the Trust) is a state agency that improves water quality throughout the Commonwealth by providing low-interest loans to municipalities and other eligible entities.

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1 Center Plaza, Suite 430, Boston, MA 02108



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Who we serve

The Trust, in collaboration with the Massachusetts Department of Environmental Protection (MassDEP), helps communities build or replace water infrastructure that enhances ground and surface water resources, ensures the safety of drinking water, protects public health and develops resilient communities. It accomplishes these objectives by providing low-interest loans and grants to cities, towns and water utilities through the Massachusetts State Revolving Funds (SRFs). The SRF programs are partnerships between the United States Environmental Protection Agency (EPA) and the Commonwealth. SRFs function like an environmental infrastructure bank by financing water infrastructure projects.

The Trust administers two SRF programs, the Clean Water and Drinking Water SRFs. The Clean Water SRF (CWSRF) was established in 1987 with amendments to the Clean Water Act. The Drinking Water SRF (DWSRF) was established in 1996 under the amended Safe Drinking Water Act. MassDEP manages project development and oversight while the Trust manages the flow of funds to borrowers. SRFs receive funding from the EPA in the form of annual capitalization grants, supplemented by state matching funds and the repayment of loans. When loans to local governments are paid back, the funds are then loaned out again, which is how the fund “revolves.”

The Trust uses a “leveraged model” to provide funding in excess of the federal and state grants. Bonds are issued in the capital markets and are secured by borrower repayments and reserve funds. The proceeds from bonds are used to provide capital for new below market rate loans to borrowers for water infrastructure. This model has allowed the Trust to finance approximately $8.1 billion for nearly three hundred borrowers, serving 97% of the Commonwealth’s population.

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