18A — January 22 - February 18, 2021 — Economic Development — Financial Digest — M id A tlantic Real Estate Journal


E conomic D evelopment

Applications are being accepted through April 13th, 2021 NJEDA opens Brownfields Loan Program application


commitment to building stron- ger, more vibrant communi- ties across New Jersey,” said NJEDA CEO Tim Sulliva n. “The Brownfields Loan Pro - gram and the NJEDA’s other collaborations with the New Jersey Department of En - vironmental Protection (NJDEP) and other partners to support brownfields rede - velopment will play a crucial role in building a greener, fairer New Jersey by incen- tivizing investors to consider brownfields remediation and making resources available to get these projects off the ground.”

“Remediating brownfields turns burdens into opportuni- ties. By cleaning up contami- nated properties and replacing themwith valuable assets that benefit New Jersey’s commu - nities, we create new paths for economic growth,” said former NJDEP Commissioner Catherine R. McCabe , who retired on January 15. “Proj- ects like these are important to our environmental protection, environmental justice, and economic recovery goals, but need financial resources. The NJEDA’s Brownfields Loan Program will open the door to more successful remediation

by filling in one of the most pervasive funding gaps that holds back these projects.” Historically, remediation has been a major barrier to success- ful brownfield redevelopment projects because of the lack of funding sources available to support site assessment, planning, and cleanup. The Brownfields Loan Program is a unique investment tool that will address this challenge by filling in these funding gaps to make the remediation phase of revi- talization projects financially viable. The NJEDA expects this to reactivate long-stalled proj- ects and create new opportuni- ties for commercial, retail, and mixed-use developments that in turn will create jobs and make New Jersey’s communities more vibrant, cleaner places to live and work. The Brownfields Loan Pro- gram offers low-interest financ - ing of $100,000 to $5 million for all aspects of brownfields revitalization projects, includ- ing assessment, investigation, and demolition. Loans will be awarded through a competitive application process. Projects will be scored based on various details about the brownfield site itself and the proposed redevel- opment project, including the location, the length of time the site has been vacant or underuti- lized, and how well the proposed redevelopment aligns with local plans. Projects that provide beneficial end uses that promote environmental resiliency, public health, and community well- being will receive higher scores. The Brownfields Loan Pro- gram is part of NJEDA Com- munity Revitalization, a suite of solutions designed to support development that transforms underutilized and contaminated spaces into community assets, with the goal of achieving a greener, fairer New Jersey. This includes ensuring that residents living in communities that have historically suffered from disinvestment, environ- mental contamination, and health disparities benefit from brownfields redevelopment. In addition to the Brownfields Loan Program, NJEDA Com- munity Revitalization initiatives include the Brownfields Impact Fund, the proposed Brownfields Redevelopment Tax Credit, the expanded Community Collab- orative Initiative (CCI), and the Brownfields Center at NJIT. More information is available at www.njeda.com/bfloans MAREJ

he New Jersey Eco- nomic Development Authority (NJEDA)

is currently accepting ap- plications for i t s Br own - f ields Loan P r o g r a m . T h i s p r o - gram, which launched on January 14,

demolition. It is one of the only funding sources available to cover pre-construction plan- ning, demolition, asbestos, PCB removal, and lead-based paint remediation. Applications are being accepted through April 13th, 2021. “Revitalizing contaminated sites and putting them back to productive, locally-appro- priate use is an essential com- ponent of Governor Murphy’s

Tim Sullivan

2021, makes low-interest loans of up to $5 million available to brownfield redevelopment projects for all aspects of brown- field revitalization, including assessment, investigation, and

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