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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 $1.3 million in loans, helping to facilitate the development of over 1,000 housing units and 350,000 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
- Maximum loan amount: $300,000 per project or $500,000 per infill residential or mixed-use project
- Minimum 15% cash match based on the loan amount
- Processing fee: 2% of loan amount
- Maximum loan term: 36 months
- Interest rate: Six-month LIBOR;
Click Here to see today's rate.
- No interest payments required during the term of the loan
- Loan may be forgiven if the borrower, acting in good faith, fails to complete the project or proceed with development
The loan program is currently undergoing an expansion to include grants and loans for brownfield remediation activities. Click here to learn more.
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