Brownfields—sites previously used for industrial purposes and possibly contaminated by petroleum and other hazardous substances, pollutants, or contaminants (including hazardous substances co-mingled with petroleum)—present real estate development opportunities that are often ignored because of the complexity and risk involved. These sites can be cleaned up and used for a variety of developments, which protects the environment, reduces blight, and takes development pressures off greenspaces and working lands.
The U.S. EPA Brownfield Program encourages such development by offering financing in the form of grants, as well as technical assistance to communities, states and other stakeholders, giving them the resources they need to fully assess, safely clean up and sustainably reuse America’s estimated 450,000 brownfields. Brownfield grants may be used to address contaminated sites. Opportunities for funding are: Brownfields Assessment Grants, each funded up to $200,000 over three years; Assessment Coalitions, funded up to $600,000 over three years; Brownfield Revolving Loan Fund Grants, funded up to $1,000,000 over five years; and Brownfields Cleanup Grants, funded up to $200,000 over three years.
RSG is actively involved in brownfields properties that are being developed currently and can help clients navigate through this process. Call us and let us help you to make the most of this interesting type of opportunity.
Written by Jim Simon, a Principal at RSG