The New Jersey Economic Development Authority will host an informational webinar on its Brownfields Loan Program on March 17, the EDA announced Friday.
The webinar comes as the EDA is wrapping up the final month of the program, which will stop taking applications April 13.
NJEDA senior brownfields adviser Elizabeth Limbrick will provide an overview of the loan program and walk through the application.
The program offers low-interest financing of $100,000 to $5 million, which can be used for all aspects of brownfields revitalization projects, including assessment, investigation and demolition. It is believed to be one of the only funding sources available to cover preconstruction planning, demolition, asbestos, PCB removal and lead-based paint remediation, the EDA said.
Go here to apply.
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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 feels the 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.
Loans made through the program will be awarded through a competitive application process. Projects will be scored based on details of the brownfield site and the proposed redevelopment project. 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.
Projects that receive financing through the Brownfields Loan Program will be eligible for the Brownfields Impact Fund and Brownfields Revitalization Tax Credit programs when they become available.
