New Jersey Approves Loan Program For Brownfield Revitalization
The New Jersey Economic Development Authority has announced a new program offering low-interest loans of up to $5 million to potential brownfield site purchasers and current brownfield site owners for costs associated with brownfield site remediation.
Historically, remediation has been a major barrier to successful brownfield redevelopment projects because of the lack of funding sources available to support site assessment, planning, and cleanup. The Brownfields Loan Program is a unique investment tool that addresses this challenge by filling in these funding gaps to make the remediation phase of revitalization projects financially viable. The program offers low-interest financing of $100,000 to $5 million to site purchasers and owners (including local government redevelopers) that intend to develop commercial, retail, mixed-use developments, expansions, or reuses.
The loans will cover costs associated with the investigation, assessment, and remediation of a brownfield in New Jersey, including but not limited to:
- Soil, groundwater, and infrastructure investigation
- Hazardous materials or waste disposal
- Long-term groundwater or natural attenuation
- Other forms of institutional controls
- Attorney fees *
- Planning, engineering, and environmental consulting
- Building and structural issues (including demolition, asbestos abatement, PCB removal, contaminated wood or paint removal, or other infrastructure remedial activities)
Applications for the Brownfields Loan Program must be received by the NJEDA no later than Tuesday, April 13, 2021. Any applications received after the date specified shall not be considered.