By Joshua Burd
The state Economic Development Authority is seeking applicants for a new low-interest loan program for cleaning up contaminated property.
According to the agency, the Brownfields Loan Program will offer financing of $100,000 to $5 million for all aspects of brownfields revitalization projects, including assessment, investigation and demolition. Officials hope the new funding source will help remove a longtime barrier for environmental cleanups, noting that the program is one of the only funding sources available to cover preconstruction planning, demolition, asbestos, PCB removal and lead-based paint remediation.
Applications are due April 13. More information and the application are available at https://www.njeda.com/bfloans/.
The EDA will use a competitive application process to make loans through the program, scoring projects based on details of the brownfield site and the proposed redevelopment project, according to a news release. Projects that promote environmental resiliency, public health and community well-being will receive higher scores and may also qualify for interest rate reductions if approved for financing.
The authority also noted that projects that receive financing through the Brownfields Loan Program will be eligible for the Brownfields Impact Fund and the new Brownfields Revitalization Tax Credit programs when they become available.