NJEDA Announces New Funding Source For Brownfields Redevelopment Projects
From JDSUPRA. The Brownfields Loan Program will provide a bridge loan of up to $5,000,000 to potential brownfield site purchasers and current owners for the costs to investigate and remediate site contamination, as well as for site building and structure related issues such as asbestos abatement.
To be eligible for a loan, a New Jersey Licensed Site Remediation Professional must submit a report verifying the existence of contamination. The project must also have a redevelopment plan, an appraised value of at least 100 percent of all debt financing, and must demonstrate local support through a letter of support from the mayor of the municipality in which the project site is located. Read more here