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The Brownfield Revolving Loan Fund program:
• Provideslow-interestloansforenvironmentalcleanup,
• Removesenvironmentalobstaclesforcommunities,
• Createscleansitesfordevelopment,and
• LeveragesfundsfromtheU.S.EnvironmentalProtectionAgency(EPA)forOhiocommunities.
Eligible Applicants: Localformsofgovernment,nonprofitandfor-profitentities,andinstitutionsofhighereducationareeligibleasdeterminedbytheU.S.EnvironmentalProtectionAgency(EPA).
Potential Funding: Applicantsmaybeeligibleforloansofupto$1millionforasbestosremediationinhistoricstructures.Fundingwillbeprioritizedforprojectswithsubstantialenvironmentalandcommunityimpact,includingpotentialforjobretentionandcreation.Loanfundingwillbetransferredtotheborrowerthroughreimbursementofeligiblecosts.
Loan Structure: Loansaremadeatbelow-marketinterestratesandhavenopenaltyforearlypayoff.Qualifiedborrowerscanexpecta2percentfixed-interestrateonafive-year$200,000loan.Defermentofrepaymentuptooneyearmaybearranged.
Program Requirements: Loansmaybeusedonlyforcostsassociatedwiththecleanupofasbestos-containingmaterials,lead-basedpaint,anduniversalwasteattheprojectsite,demonstratedbyrecentenvironmentalassessmentsandlaboratorytestingincludingPhaseISiteAssessment,Asbestos-ContainingMaterialSurvey,Lead-BasedPaintSurvey,andUniversalWasteSurvey.Shouldcontaminationfromotherhazardousmaterialsbesuspected,theprojectmaybeineligible.
Timeline for Application: Applicationsareacceptedonanopencycle.Averagetimetoreceivefundingisfourmonths,includinga30-daymandatorypublicreviewperiod.
For Additional Information:Office of RedevelopmentWebsite:http://development.ohio.gov/Urban/BCRLF.htmE-mail:[email protected]:614| 995 2292
TheStateofOhioisanEqualOpportunityEmployerandProviderofADAServices Revised:9/12/11
p r e s e r v i n g . . . s u s t a i n i n g . . . t r a n s f o rm i n g
Brownfield Revolving Loan Fund: Asbestos
Office of Redevelopment