|BROWNFIELDS REVOLVING LOAN FUND PROGRAM
November 17, 2009
BROWNFIELDS REVOLVING LOAN FUND PROGRAM
The Richmond Community Redevelopment Agency has received Environmental Protection Agency (“EPA”) financial assistance to create the Richmond Brownfields Revolving Loan Fund (RBRLF). The RBRLF program offers below market rate loans and grants (“subgrants”) to assist with the remediation of Brownfields properties in order to return them to productive economic use in Richmond. “Brownfields” is a term given to abandoned or contaminated industrial sites located in urban areas. Cleaning up and reinvesting in these properties protects the environment, reduces blight, and takes development pressures off green spaces and working lands.
RBLF Program Goals and Objectives:
ü Support cleanup, remediation and redevelopment activities on properties within Richmond.
ü Target cleanup, remediation and redevelopment of projects in lower-income neighborhoods
ü Maximize leveraging opportunities of RBLF funds for cleanup activities
ü Facilitate economic development
ü Facilitate the planning and regulatory process
Basic Loan terms:
Loan size: Limited to the availability of funds. Initial capitalization is $1,000,000.
Interest rate: Prime plus 1 percent. Loan term: Up to ten (10) years. Origination fee: None.
Call for more information: Natalia Lawrence, Senior Development Project Manager (510) 307-8180