Eight years after Congress created the program, the U.S. Army Corps of Engineers is taking a first step toward offering more than $7 billion of federally backed loans to repair aging dams owned by states, local governments and private entities across the U.S.
The Corps published a proposed rule for the low-interest loan program on Friday, starting a process that is expected to open applications for the aid in 2023, said Aaron Snyder, interim director of the Corps' Water Infrastructure Financing Program.
