Here's the eleven categories of projects that CWSRF loans can be used for.

Here's the six categories of projects that DWSRF loans can be used for. The DWSRF also publishes a periodic Drinking Water Infrastructure Needs Survey that lays out approximate costs for various system sizes, and the distribution of system sizes across communities.

There is also a lot of overlap; quoting the OP article:

The [CWSRF] provides low-interest loans for infrastructure projects like wastewater facilities while the [DWSRF] provides assistance for initiatives like improving drinking water treatment and fixing old pipes.

The CWSRF Environmental Benefits Report from 2014 says:

• 14,838 Projects Financed
• To 5,222 Communities

with one of the highlights being:

95% of Subsidy Goes to Recipients that Could Not Otherwise Afford the Project

With the variety of activities they support, and the fact that they are permitting projects that communities could not otherwise afford to engage in, I'd say they're very valuable.

Do you really think regulatory agencies serve no purpose? Does not the FDA protect you from deadly medication side effects? Does not the government protect your water, air and ground? Do you think shit water is unsafe to drink?

TL/DR; have you no common sense?