Brownfield Revolving Loan Fund
We see real estate development as a primary means to further the ongoing physical transformation of the city, recognizing that the city is stronger when underutilized sites and spaces are occupied by new and growing companies employing New Bedford area residents.
For Real Estate Development
Brownfield Revolving Loan Fund
This is a new program that is offered by the City of New Bedford with the lending component administered by the NBEDC. The Brownfield Revolving Loan Fund provides below market rate loans to facilitate clean-up of contaminated properties (brownfields) in the City of New Bedford. The purpose of this program is to assist in the revitalization of these properties to promote jobs and a cleaner environment for the communities in the city. Loan amounts vary depending upon the extent of remediation required.
Who is Eligible?
- For profit property owners or developers
- Non-profit property owners or developers (subgrants are also available)
- All applicants, sites and activities funded, must comply with the eligibility requirements of the Environmental Protection Agency
- Site must have been determined to have an actual release or substantial threat of release of a hazardous substance that was not caused by the applicant and for which the applicant is not liable
- Phase I and II Site Assessments must be completed according to the requirements of the Mass Dept. of Environmental Protection and provide the location of hazardous materials
- Funds may not be used to clean-up properties predominantly contaminated by petroleum products unless they are commingled with non-petroleum hazardous materials
- There is sufficient time (typically 6 months) available to plan and select a response (if not already done in compliance with MA DEP and EPA requirements) and to implement a community involvement plan and public involvement activities (including a 30-day comment period) prior to initiating clean-up
- All funded activities must be completed in accordance with all federal and state regulations and adhere to the Davis Bacon Act
How Can the Funds be Used?
Projects that are deemed eligible and meet the goal of the program can be used for cleanup related purposes such as:
- Soil removal/consolidation
- Soil vapor barrier
- Engineered barrier
- Lead paint abatement/removal
- Asbestos removal
- Health and safety plan
- Other eligible cleanup activities
Questions?
For questions about the program or to request an application, please contact
brownfields@newbedford-ma.gov.
This program is supported in part by the Environmental Protection Agency and the City of New Bedford.
If you need further assistance, please email Marianella Perry, Officer of Business Support, Communications and Special Projects.
