Rural Community Wastewater Treatment Affordability Act of 1994

[AI summary unavailable — showing source text] Rural Community Wastewater Treatment Affordability Act of 1994 - Amends the Federal Water Pollution Control Act to make activities involving the acquisition of lands, easements, and rights-of-way necessary for construction of publicly owned treatment works eligible for assistance from State revolving loan funds (SRFs). Makes certain nonprofit associations and other entities eligible for wastewater treatment and supply services under the Consolidated Farm and Rural Development Act eligible for SRF assistance as well. Adds to the list of conditions that a State must meet to receive a capitalization grant that the State will encourage the use of innovative and cost-effective technologies in the construction of treatment works financed with SRF assistance. Requires loans made from SRFs to be made to rural and disadvantaged communities at or below market interest rates for terms of up to 40 years or the useful life of the project being financed, whichever is earlier. Permits up to 15 percent of all loans made from an SRF to be used for negative-interest loans to rural and disadvantaged communities. Allows SRFs to be used to make grants to such communities for up to 75 percent of plannin…