CDFA Brownfields Finance Update - November 1, 2022

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Features

Atlanta, GA Outlines Efforts to Redevelop Brownfield Sites With EPA Funds

Officials and geologists are discussing how a new trove of federal funds can fuel improvements in some of Atlanta's most blighted areas. President Biden's Bipartisan Infrastructure Law paved the way for the U.S. Environmental Protection Agency to award Atlanta a $3.9 million RLF grant to provide loans to property owners and grants to nonprofits willing to clean up brownfields.

Brownfields Redevelopment Incentive Program Approved in New Jersey

The New Jersey Economic Development Authority board approved the creation of a competitive Brownfields Redevelopment Incentive (BRI) Program. The BRI Program will provide $300 million in incentive funding over six years. Established by the New Jersey Economic Recovery Act of 2020, awards of up to 50% (maximum of $4 million) of remediation costs will be available for eligible brownfield sites.

$820K in EGLE Brownfield Funding to Help Redevelop Contaminated Sites Across Michigan

Three Michigan towns are receiving $820,000 in Brownfield redevelopment grants awarded by the Michigan Department of Environment, Great Lakes, and Energy. The property redevelopments include the formation of a new Frankenmuth Credit Union branch in Sebewaing ($395,000), a new pharmacy in West Branch ($150,000), and a restaurant-brewery with loft-style apartments in Bay City.

Hartford, CT's Largest Polluted Sites and What Could Be Done With Them

In Hartford, CT the city has taken control of what it considers key brownfields for future development. Federal and state funding for brownfield remediation has boosted redevelopment projects that have sat idle for decades, by making them more attractive to private investors and developers who don't have to shoulder all the costs of a clean-up.

Virginia Communities to Receive Grants to Support Restoration of Brownfield Sites

Governor Glenn Youngkin announced that approximately $847,000 in Site Remediation Grants from the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund (VBAF) will be awarded to four localities, which include the Town of Bedford, Patrick County, the Town of Saltville, and Smyth County.

EPA Announces $5M for Louisiana in Brownfields Funding

The U.S. Environmental Protection Agency (EPA) announced that four Louisiana agencies will receive a total of $5 million in Brownfield grant funding. The agencies being awarded include the Louisiana Department of Environmental Quality, the City/Parish of Baton Rouge, the South Central Planning and Development Commission, and the New Orleans Regional Planning Commission.

ESG Goals Increasingly Driving Brownfield Redevelopment

As the availability of readily developable land decreases, brownfields are attracting more attention from developers in the U.S. and Canada. More sustainable brownfield redevelopment projects will require more decisive leadership, effective policies and programs, robust stakeholder collaboration and buy-in, and support from ESG (Environment, Social, and Governance) investors.

Washington State Offers Funding to Spur Industrial Site Development

A new industrial site readiness program has $2.5 million available for counties, cities, port districts, and tribal governments throughout Washington state. This one-time grant program is designed to develop large manufacturing sites, or to safely clean up and sustainably revitalize federal EPA-designated brownfield sites, and help accelerate business attraction efforts at the local level.

Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern

During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in childcare facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern

Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

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The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net