Municipalities across the United States are struggling with the question of financing water and wastewater infrastructure replacement.This study, funded by the Water Industry Technical Action Fund, explores financing options with the greatest opportunity to provide significant, subsidized capital for water infrastructure projects, while limiting the cost to the federal government.A number of options for financing water and wastewater infrastructure--from existing mechanisms to new structures, such as a Federal Water Infrastructure Bank--were analyzed for their ability to meet these financing needs. This report describes the findings and conclusions from this research.