The passages of the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA) devoted unprecedented levels of federal funding for water infrastructure and capital projects. As the dissemination of federal funding scales, water policymakers, governments, advocates, utilities, and communities look to reap benefits. This report provides analysis by summarizing investments awarded since these seminal funds have come into effect, examining key formula and discretionary programs while providing insight into the future of federal water funding.