$1 million from EPA to go out as loans for brownfield cleanups

The Delaware County Redevelopment Authority has received the maximum amount of $1 million from the U.S. Environmental Protection Agency for cleaning up brownfield sites here.

The EPA has a Revolving Loan Fund Grant Program that allows recipients to create a revolving loan program to provide loans or subgrants to address brownfield sites contaminated by hazardous substances, pollutants and contaminants, also known as brownfield sites. The period of performance is up to five years.

“The receipt of this grant will allow the Redevelopment Authority to offer an attractive financing source to further incentvize the remediation and productive reuse of brownfield sites in Delaware County,” authority Chair Matthew Sullivan said. “The Redevelopment Authority is eager to put this funding to work to generate economic growth and improve public health.”

Through these grants, stakeholders are encouraged to leverage resources to clean up and redevelop brownfields. When loans are repaid, the loan amount is returned to the fund and re-lent to other borrowers, providing an ongoing source of capital within a community.

The redevelopment authority received the maximum possible award to launch the county’s Revolving Loan Fund. Funds loaned from the program can go to cleanup brownfields sites, install site security, analyze cleanup alternatives, engage the community, and establish administrative records.

These funds provide a flexible, low or no interest financing tool for organizations interested in developing or redeveloping a variety of properties across the county.