WASHINGTON – The U.S. Environmental Protection Agency (EPA) has announced approximately $13.2 million in supplemental funding to help transform communities by cleaning up contaminated Brownfields properties.
The EPA’s Brownfields Program is designed to empower states, communities, and other stakeholders in economic redevelopment to work together in a timely manner to prevent, assess, safely clean up, and sustainably reuse brownfields.
Supplemental funding of the Revolving Loan Funding (RLF) will be given to 31 successful RLF grantees helping 44 communities carry out cleanup and redevelopment projects. These projects will help communities create jobs while protecting people’s health and the environment.
Many of the RLF cleanups are in under-served and economically disadvantages neighborhoods – places where environmental cleanup and new jobs are most needed.
The EPA said in as statement that the allocated funds – granted to communities who have already achieved success in their work to clean up and redevelop brownfields – will help boost local economies, create local jobs and protect people from harmful pollution by expediting Brownfield projects. The RLF supplemental recipients are some of the nation’s top performers.
Collectively, these communities have already leveraged more than $5 billion in cleanup and redevelopment investment – the RLF funding announced today will help sustain that incredible progress.”
The RLF grantees provide a level of funding for cleanups that isn’t available through traditional financing options or through other brownfield grants, serving as the critical gap financing needed to jump-start the redevelopment process. RLF funding is often the last key piece of funding needed to make the cleanup and reuse of the property happen. RLFs specifically supply funding for loans and sub-grants to carry out cleanup activities at brownfield sites.
The supplemental funding to each grantee ranges from about $250,000 to $700,000.
EPA continues to engage and help new communities address barriers to redeveloping sites which are plaguing their communities. All of the grantees selected for funding have significantly depleted their RLF funds and need supplemental funding in order to recapitalize their loan pool to continue making loans and subgrants to clean up brownfields properties.
The supplemental funds help keep the cleanup momentum going so that more cleanups can be completed.
To date, RLF grantees have completed over 400 cleanups, leveraged approximately 15,000 jobs and over $5 billion of public and private funding.