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CDFA Brownfields Finance Update - September 5, 2023

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Brownfields Financing Update
September 5, 2023
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Brownfields Finance Update


Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.

U.S. EPA Awards $500K to McKenzie County, ND
U.S. Senator Kevin Cramer (R-ND) announced the U.S. Environmental Protection Agency awarded a total of $500,000 to McKenzie County, North Dakota, to inventory, characterize, assess, and conduct cleanup planning and community involvement related activities of Brownfields, property which may be contaminated by hazardous substances and pollutants.

EGLE Awards $3M to Three Brownfield Projects in the City of Muskegon, MI
The Michigan Department of Environment, Great Lakes, and Energy (EGLE) is awarding a combined $3 million in brownfield redevelopment funding to 3 projects in the city of Muskegon. These projects are expected to draw $355.4 million in private investment and create more than 700 new housing units in the city.

$1M Awarded to Turtle Mountain Band of Chippewa Indians for Remediation Activities
The U.S. Environmental Protection Agency (EPA) awarded a total of $1 million from the Infrastructure Investment and Jobs Act (IIJA) to the Turtle Mountain Band of Chippewa Indians for the Turtle Mountain Brownfields San Haven Clean Up Project. The funds will be used to conduct remediation activities at the Main Hospital of the former San Haven Medical Complex, which is contaminated with asbestos, lead, and polychlorinated biphenyls, affecting building materials, soil, and water.

$50M for Water Infrastructure in Small, Financially Distressed Communities
The U.S. Environmental Protection Agency (EPA) announced the availability of nearly $50 million in regular funding through the Sewer Overflow and Stormwater Reuse Municipal Grant program to help communities address stormwater and sewer infrastructure needs. States may now apply for grant assistance to fund projects that will help municipalities strengthen their stormwater collection systems against increasingly intense rain events made worse by the climate crisis.

Massachusetts Brownfields Tax Credits Program Extended
Governor Maura Healy signed legislation extending the eligibility deadlines for the Massachusetts Brownfields tax credits program by five years. The legislation had been included in the budget bill, which had recently been passed by the Massachusetts House and Senate.

EPA Highlights $7.9M in Investment for Polluted Brownfields in Kentucky
The U.S. Environmental Protection Agency (EPA) selected ten communities in Kentucky to receive grants totaling more than $7.9 million in competitive EPA Brownfields funding through the Multipurpose, Assessment, Revolving Loan Fund, and Cleanup (MARC) Grant programs.

Statewide Brownfield Program Expanded in Alabama
The recent expansion of a statewide brownfield program is expected to increase the number of development-ready sites in Alabama. House Bill 378 was recently signed into law, expanding the state's existing Alabama Land Recycling & Economic Development Act, which is also known as the Alabama Brownfield Voluntary Cleanup Program.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Best Practices and Strategies for Housing Finance
September 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Webcast Series, development finance practitioners will highlight the variety of finance tools available for supporting affordable housing projects and discuss best practices for deploying these to meet the growing need.

2023 Equitable Lending Learning Series: Identifying Your Target Market
September 26, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will talk about how lenders can reach underserved borrowers, discuss technical strategies and best practices for data collection and learning about borrower needs in a specific community, and illustrate how this information can be used to increase access to capital among underserved small business owners.

Brownfields Financing Headlines

Grand Rapids, MI Board Approves $21.6M Brownfield Plan for Creston Mixed-Use Project
Crain's Grand Rapids Business | Aug. 30 | Bond Finance | Brownfield Financing

Brownfield Development Created Opportunities in Allegheny County, PA
Public Source | Aug. 29 | Brownfield Financing | Economic Development | Redevelopment

Top EPA Official Talks Brownfield Cleanup in Billings, MT
KTVQ | Aug. 29 | Brownfield Financing | Economic Development | Redevelopment

City of Watertown, WI Receives EPA Region 5 Brownfields Success Award
Wisconsin Department of Natural Resources | Aug. 24 | Brownfield Financing | Community Development | Redevelopment

EPA Region 7 Presents $500K Check to City of St. Louis, MO for Brownfields Grant
U.S. EPA | Aug. 24 | Brownfield Financing | Community Development | Economic Development | Redevelopment

City of Cortez, CO Urges Property Owners to Apply for Free Brownfield Assessments
The Journal | Aug. 23 | Brownfield Financing | Community Development | Redevelopment

Proposed $10M Pine River Township, MI Redevelopment Indefinitely Delayed
Morning Sun | Aug. 23 | Brownfield Financing | Redevelopment

Snowy Mountain Development Corporation in Lewistown, MT Wins National Phoenix Award
Lewistown News | Aug. 23 | Brownfield Financing | Local Finance Program | Redevelopment

Construction to Begin Soon on $16.4M Grand Rapids, MI Apartment, Commercial Building
MLive | Aug. 23 | Brownfield Financing | Economic Development | Redevelopment

Amsterdam, NY to Issue $2.3M Bond to Cleanup Five Corners Strip Mall Site
Leader Herald | Aug. 16 | Bond Finance | Brownfield Financing | Economic Development | Redevelopment

Port of Tacoma, WA Wins Phoenix Award for Cleanup and Redevelopment Project
Tacoma Weekly | Aug. 11 | Brownfield Financing | Community Development | Economic Development | Infrastructure Finance | Redevelopment

Torrington, CT Building to be Demolished, Site Remediated with Brownfields Grant
Register Citizen | Aug. 9 | Brownfield Financing | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

EPA Grant Awarded to Sweetgrass Development Corporation in Great Falls, MT
Choteau Acantha | Aug. 9 | Brownfield Financing | Community Development | Redevelopment

Funding to Help Turn Former Chelsea, MI Industrial Site into a New Park
State of Michigan | Aug. 7 | Brownfield Financing | Community Development | Redevelopment | Tax Increment Finance (TIF)

Cleanup of Brownfields Site in Findlay, OH Begins
The Courier | Aug. 5 | Brownfield Financing | Community Development | Redevelopment

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


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