Eligible Applicants: Potential brownfield purchasers and current brownfield owners (including municipalities and economic development agencies) provided that a current owner did not contribute to any existing environmental contamination
Funding Amounts: Loans of up to $4 million
Terms: Low-interest loans, with flexible/deferred interest and principal payment schedules; maximum term of 20 years
Funding Process: Loans under this program will be made on a rolling basis. Applications will be accepted on a rolling basis. To be considered for funding, applications must earn at least 60 points on the Targeted Brownfield Development Loan ranking and review grid. Applications will be batched and reviewed with a goal of making $3M-$4M of loans per quarter. At the discretion of the Commissioner, applications will be considered for funding outside of this schedule.
Criteria for Fund Awards:
Eligible Uses of Funding:
With the passage of PA 14-88, the DECD Commissioner has been given the discretion to make all or portions of the principal or interest due under loans made under the Targeted Brownfield Development Loan program forgivable, when such forgiveness is deemed to be in the best interest of the State.
The Commissioner will consider requests from prospective borrowers (at the time of contracting, prior to the receipt of funds) for full or partial loan forgiveness within the Targeted Brownfield Development Loan program for projects that incorporate one or more of the following features:
In all cases, forgiveness will be milestone-based, with specific milestones negotiated prior to the closing of the loan’s Assistance Agreement (contract). For example, forgiveness might be triggered by the receipt of a Certificate of Occupancy (C of O) for income-restricted residential units or by the verification of the creation of permanent jobs.
The Commissioner will also consider, in limited circumstances, requests for loan forgiveness based on additional project-specific factors.
Please email OBRD for more information or to speak to a staff member.
Content Last Modified on 3/3/2017 1:47:28 PM