Brownfield Targeted Loan Program

Program Description

Offers low-interest loans at 3% with repayment period of up to 30 years for purpose of remediation.

Program Type
Type of Funding
Source of Funds
Funding Amounts/Limits

Loans of up to $4,000,000 per application. Minimum requested loan amount – $500,000.

Target Population(s)
Links to Additional Resources

    Eligibility

    Eligible Project Size
    Other Eligibility Guidelines

    Project has to satisfy the state’s definition of brownfields. Participation in the program will require a minimum developer equity of at least 10% of the total project cost. Equity may include assessment costs, local bonding, cash, administrative expenses, pre development expenses, property acquisition costs, deferred developer fee and other investments by the applicant deemed acceptable by the Commissioner of the DECD.

    Application

    Application Timeline

    Two cycles annually (early Spring and early Fall). Awards announced 2-3 months after closing.

    Overview of Application Process

    Application announcements are included on DECD website. Applications are submitted electronically. The Notice of Funding Availability includes the application process.

    Additional Information

    Other Notes

    Provides low-interest loans for the eligible costs of brownfield remediation projects to potential brownfield purchasers and current brownfield owners who (1) have no direct or related liability for the conditions of the brownfield, and (2) seek to develop brownfields for purposes of reducing blight or for industrial, commercial, residential, or mixed-use development. All applicants must provide proof of access to the site, site control or path to site control. The loan will have to be fully repaid on permanent refinancing (does not apply to initial conversion from construction to permanent debt).

    Last Updated
    June 6, 2024
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