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How to Apply
About our Forgivable Loan Program
CCLR's innovative loan program provides low-interest, forgivable loans of up to $500,000 for brownfield site assessment and characterization, technical assistance, and remedial action planning. To date, we have closed on nearly $2 million in loans, helping to facilitate the development of over 700 housing units and over 90,000 square feet of commercial and industrial space.
Our loan program grew out of a study that looked at current mechanisms for funding brownfield redevelopment. The study found that the greatest barriers to successful brownfield redevelopment are uncertainty regarding project viability (time and money) and environmental liability. The goal of this program is to address these uncertainties. By using limited public resources to assist community developers in determining project economics and quantifying liability, redevelopment is able to move forward. Funding for this program comes from the Office of the State Treasurer.
Loan Terms
- Eligible costs include phase I & II site assessment, technical assistance, and remedial action planning. Includes environmental consultant fees, regulatory oversight fees and related legal fees
- Maximum loan: $300,000 per project or $500,000 per infill residential or mixed-use project
- Interest rate is six-month LIBOR
- Processing fee: 2% of loan amount
- 15% cash match
- Loan may be forgiven if the borrower, acting in good faith, fails to complete the project or proceed with development
- Loan becomes payable upon:
-Sale or transfer of the property
-Pulling of a construction or grading permit
-Or 3 years from date of closing
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