The Texas Water Development Board (TWDB) had planned to distribute about $800 million in low interest loans for Texas water projects this year. By the time the deadline for project applications closed, total requests reached $5.5 billion, many of them from urban and suburban parts of the state.
The new system of financing was set up by state lawmakers and approved by voters in 2013. Under that system, billions of dollars were moved from the Texas Rainy Day Fund and put into a separate fund for water. The Water Development Board plans to distribute about $800 million dollars in loans every year for the next ten year.
The 48 projects eligible for loans this year range from modest to mighty. The City of Marfa asked for $700,000 to build a single well, but the North Texas Municipal Water District requested $791 million for the under-construction, 16,500 acre Lower Bois d’Arc reservoir.
Applications from the greater Houston metropolitan area comprise one third of the total requests received by the Water Development Board. The sixteen projects around Harris County alone add up to $3 billion in loan requests. Projects in the Dallas Fort Work area made up about ten percent of all requests.