The New Jersey Economic Development Authority
(“NJEDA”) has announced the creation of the Brownfields Impact Fund
Open for applications January 20, 2022. This pilot
Program provides grants funding and low-interest loans for non-profit organizations
public sector organizations, as also low-interest loans
For-profit organizations can carry out cleanup activities
Brownfield is a term for contaminated properties that are underutilized and not used.
Sites” throughout the state. The Brownfields are a particular example.
Impact Fund commits $800,000 in order to address funding needs to make the
Financially, the remediation phase of brownfield remediation project projects is financially
viable. Despite the fact that there is not much money available, it is possible to make a living.
If you are interested in obtaining money, you should act quickly.
The new program.
This article gives an overview of Brownfields Impact Fund
It emphasizes the importance of applying for funding quickly.
Overview of Loan and Grant
The Brownfield Impact Fund offers low-interest rates, as we have already mentioned.
Loans and/or grants available for eligible brownfield cleanups While the
Pilot program funding is limited to $800,000, which is the amount of the
Individual loans and/or grants are not available.
A loan can be obtained for as little as $50,000 or as much at $350,000
Grants have a minimum amount of $25,000 and a maximum amount of $500,000
$350,000.
Activities that can be funded with grant and loan money
Include, but are not limited too, preparation of Remedial Action
Workplans, asbestos remediation, demolition
Construction of engineering in certain cases, building of buildings
Controls (e.g. foundations and roads) and other actions
required to contain or mitigate the threat.
Release of hazardous substances Assessment or investigation
Not eligible activities unless they are required as part of the component
The corrective action. The complete list of eligible and able to be applied is available here
Ineligible activities are listed in the Brownfield Impact Fund
Brochure and can be foundHere.
The Application Fee is $1000 The NJEDA is the official agency for grant applications.
The applicant may waive the application fee if they can demonstrate that they are willing to pay it.
The fee causes undue financial hardship. For loans
There is a commitment charge of 0.875% on the loan amount.
A closing fee equal to 0.875% of the loan amount
Community Collaborative Initiative
Communities.The Community Collaborative
Initiative (“CCI”), a program run by the New
Jersey Department of Environmental Protection, which promotes quality
New Jersey’s most distressed communities. For the first
Three months (90 days) eligibility for funding through the
Brownfield Impact Fund can only be used for projects within the 12 CCI
Communities, specifically: Bayonne. Bridgeton. Camden. Jersey City.
Millville, Newark, Paterson, Paulsboro, Perth Amboy, Salem,
Trenton and Vineland. These communities, according to the NJEDA
These communities are home to New Jersey’s most underserved population and have
disproportionately affected by contamination.
After the 90-day period the NJEDA will accept all applications.
Projects located outside of the 12 CCI communities are subjected to
The availability of funding
General Grant and Loan
Requirements.Grant funding is only available to
Non-profit organizations and government agencies can apply for loans.
Available to both public and private organizations,
developers.
For government entities and non-profit organizations
For grant funding, the entity must have the brownfield property.
You will retain ownership of the property at the time you submit your application
for the grant’s term. All entities can apply for the grant in the interim.
Lender funding must be able show site control or a route to
Site control at the time you submit your application.
All loans and grants applications must include: – A plan.
The property’s redevelopment – A complete prescreening form
A letter of support from a mayor or municipality.
Project is located – A complete NJDEA legal question – A valid
New Jersey Tax Clearance Certificate from N.J. Department of
Division of Taxation, Treasury
Good Standing
Requirements.All applicants must
Be in good standing with the New Jersey Department of Labor
Workforce Development, and the New Jersey Department of
Environmental Protection. If there is a compliance issue, the
An agreement may be reached between the eligible entity and the relevant
department. Entities that are not eligible for loans or grants will not be approved.
Caused or contributed towards the contamination of the property.
Prevailing Wage Requirement. The New
The work is covered by the Jersey Prevailing Wage Act and Davis Bacon Act
This program includes all contracts that were awarded from funds and are funded by it.
This program provides these services. Each worker hired to perform the
The program provides funding for remediation.
They are paid the prevailing wage rate for the trade or craft they practice. Some organizations
They argue that the prevailing wage requirement reduces their ability to pay the
Take advantage of this funding opportunity as it will lead to an overall increase in funding
The project costs.
Conclusion
The Brownfields Impact Fund will provide $800,000.
Funding for private developers, public sector and not-for-profit
entities. Due to the low funding and high minimums,
Interest parties are required to submit applications for grants or loans.
Applications should be made early as loans and grants will not be given on a later date.
After receipt of the completed application, the first come, first serve basis
application.
This article is meant to be a guide.
guide to the subject matter Expert advice should be sought
Discuss your particular circumstances.
