US EPA announced the availability of up to $1 billion (USD) in credit assistance for water infrastructure projects under the new Water Infrastructure Finance and Innovation Act (WIFIA) program. The program will provide long-term, low-cost credit assistance in the form of direct loans and loan guarantees to credit-worthy water projects. WIFIA provides another option for financing large infrastructure projects (generally at least $20 million) in addition to the State Revolving Funds and bond market. WIFIA is available to state, local and tribal governments; private entities; partnerships and State Revolving Fund programs. US EPA will evaluate projects using criteria such as the extent to which the project is nationally or regionally significant, helps maintain or protect public health or the environment, protects against extreme weather and serves regions with significant water resource challenges. The agency will make selections on a competitive basis. It estimates the US needs about $660 billion (USD) in investments for drinking water, wastewater and storm water infrastructure over the next 20 years.