principal forgiveness, and negative interest rate loans. Through the Green Project Reserve, the CWSRFs target critical green infrastructure, water and energy efficiency improvements, and other environmentally innovative activities. Program highlights Since the inaugural CWSRF project was funded in 1988, the 51 state-run CWSRF programs have provided over $145 billion in assistance for water quality projects through 38,441 loans. In 2017, the programs provided over $7.4 billion in assistance to loan recipients of all sizes, including farmers, homeowners, small businesses, nonprofit organizations, and major municipalities. In 2017 the average loan interest rate was 1.4%, compared to the prevailing market rate of 3.5%. While wastewater treatment projects have comprised 96 percent of all CWSRF funding to date, over $4.6 billion has gone to nonpoint source and estuary projects. The number of assistance agreements for nonpoint source projects has grown significantly over the years, from only two projects in 1990 to 1,305 in 2007. The low cost and flexibility of CWSRF financing has helped the programs serve communities of all sizes. In 2007, two-thirds of all loans went to communities with populations below 3,500. In addition, over $1.1 billion in assistance targeted communities with fewer than 10,000 people (see Figure 3). The programs are projected to continue to grow over time, as interest earnings and repayments of loans increase (see Figure 4). Nationally, the CWSRF program provides a remarkable return on federal investment: as of 2017, the program has financed $3 in projects for every dollar the federal government has invested. The demand for CWSRF funds nationwide can be attributed to high needs, low interest rates, and flexible financing options. The rate of fund utilization has increased steadily since 1988, signaling increased demand for funds as well as efficient state operations. As of 2007, 97 percent of all available funds were committed to projects. To meet high levels of demand, 27 states have chosen to implement leveraging approaches by issuing revenue and general obligation bonds that are secured by CWSRF assets. Through leveraging, states have increased their capacity to finance important water quality projects. The use of leveraging in the CWSRF 27 CWSRF's leverage their funds to increase the amount of capital available for loan assistance. This means that these states augment their CWSRF capital by issuing municipal bonds. Typically, they loan the proceeds of the bonds while investing their capitalization funds (both state and federal). These investments serve two purposes. First, they