A developer won approval for his $23 million project to convert an old factory into 80-85 apartments, 20,000 square feet of mini self-storage units, and around 65 parking spaces. The project also includes a remediation under the state Brownfield Cleanup Program, as well as use of both brownfield and historic tax credits.

Happy Living Development landed a $138M construction loan, and by bringing Enhanced Capital into the deal - who provided a mezzanine loan secured by brownfield tax credits - filled a void in the capital stack. When completed, the building will comprise 155 condominium units, a Fresh Food grocery store on the ground-floor, and parking spaces.

The Fresh Start Hutchinson Neighborhood Grocery Store would be financed/funded through a $2.6 million HUD loan, a $1.5 million CRA grant from the state, $3 million in New Market Tax Credits, and tax increment financing. The proposed 25,000 square foot grocery store would be built in what is considered to be a food desert.

A community solar array (a "brightfield") has been completed in Vermont. The project is located at a remediated brownfield property that was formerly used as a saw mill and lumber treatment facility. The solar array is expected to produce approximately 900,000 kWh per year, enough to power approximately 125 homes annually.

For brownfields properties, the “original use” and the “substantial improvement” requirements are potentially problematic. The EPA’s comments to the IRS recommend defining “original use” to incorporate brownfields properties located in QOZ as well as treating the environmental assessment, cleanup and other site preparation costs as expenses meeting the “substantial improvement” test.

Through the new city program, grant and loan money up to a maximum of $500,000 per grant or loan is now available for developers in both the private and public sector who own, lease or have a purchase agreement in place for a brownfield property and who desire to assess or remediate it.

Restore Pennsylvania, the $4.5 billion bipartisan proposal funded through a commonsense severance tax would help create new development opportunities and green space by providing financial resources at the local level to establish land banks and acquire and demolish blighted buildings.

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern

>>> VIEW MORE BROWNFIELD RESOURCES   

During this webinar, our panel of experts discussed when developing a Brightfield makes sense, how to overcome obstacles to Brightfield projects, and how to catalyze investment in the area surrounding a Brightfield.

>>> EXPLORE ONLINE RESOURCE DATABASE