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The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved a memorandum of understanding (MOU) with the New Jersey Institute of Technology (NJIT) to establish the NJ Brownfields Center at NJIT (Brownfields Center).

Two decades after a devastating fire made the building's apartments uninhabitable, has been renovated and is accepting rental applications. The overall project ended up with a price tag of $14.7 million, with Eyde Co. receiving approval for a $2.4 million low-interest loan from the Michigan Economic Development Corp. and a $1.3 million Brownfield tax credit from the city.

As proposed, the program would award grants on a competitive basis in the amounts of $500 per kilowatt of nameplate capacity from renewable energy sources on land that was previously mined for coal and $100 per kilowatt of nameplate capacity from renewable energy sources on brownfields.

The parcel has already been issued a Downtown Mixed Used designation. Among a number of tax incentives available there are also Brownfield and Environmental Incentives, as follows: Niagara County Brownfield Loan Program, New York Brownfield Cleanup Tax Credits, National Grid Brownfield Redevelopment Assistance.

Massachusetts state officials have announced more than $2.6 million in Brownfields Redevelopment Fund awards to support the environmental assessment and cleanup of 16 contaminated locations, including the former Westford Anodizing site.

The House Ways and Means Committee has released its much-anticipated infrastructure proposal. It includes $760 billion over five years for transportation, broadband, water, wastewater, and brownfields redevelopment. It also would expand many existing clean energy financing programs as well as tax credits like the NMTC, LIHTC, and HTC.

The Treasury Department specifically noted that "cleaning up and reinvesting in brownfields increase local tax bases, facilitates job growth, utilizes existing infrastructure, takes development pressures off of undeveloped, open land, and both improves and protects the environment." This confirmation provides investors with the certainty they have been looking for when looking at potentially marrying Opportunity Zone investments with State-based brownfield programs.

Three unique Detroit residential and commercial development, including a new "food hub" in Eastern Market, received key approvals for millions in incentives and public subsidies from the Michigan Strategic Fund.

CDFA Brownfields Webinar Series: Catalytic Brownfield Financing Solutions
Tuesday, February 25, 2020 - 1:00 PM Eastern

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern

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"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.

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