Note: PVPC's brownfields Revolving Loan Fund expired on December 31, 2014. The text below is retained for informational purposes only.
Program Summary & Types of Financing
The Brownfields Cleanup Revolving Loan Fund and Subgrant Program (RLF) provides flexible low-interest loans to eligible, credit-worthy public- and private-sector entities to hire consultants and contractors to conduct cleanup planning and remedial activities at contaminated properties. Depending on the availability of EPA funds, subgrants are often available to eligible entities including municipalities, redevelopment authorities and non-profits. With limited exceptions, funding for subgrant-eligible entities will include a combined loan-subgrant. Project selection and financial terms are guided by PVPC’s Brownfields Advisory Committee through its Loan Review Subcommittee.
The RLF is restricted to sites contaminated with hazardous substances; sites with co-mingled petroleum releases may also be eligible. In order to be eligible, site owners must not be responsible for contamination of the site, and must have performed ‘All Appropriate Inquiry’ due diligence prior to site acquisition. Phase I and Phase II site assessment activities must generally be complete prior to the start of RLF-funded cleanup work.
The application process for RLF funds is split into two steps. The Part I application captures project summary information and information needed to meet EPA eligibility requirements. Following EPA’s eligibility approval, the Part II application involves financial information and due diligence checks, with guidance from the Brownfields Advisory Committee’s Loan Review Subcommittee.
Potential applicants are encouraged to contact Andrew Loew with any questions prior to completion of the application. Applicants should allow at least 6-8 weeks’ lead time before desired startup of any RLF-funded cleanup activities to allow for completion of the application and review process and to conduct EPA’s required planning and public outreach processes. Note also that the EPA grant supporting this program will expire in December, 2014.
See below for a program guide, major tasks checklist, and the two-part application.