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BROWNFIELDS REVOLVING LOAN FUND PROGRAM

 

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:

  Support cleanup, remediation and redevelopment activities on properties within Richmond.

  Target cleanup, remediation and redevelopment of projects in lower-income neighborhoods

  Maximize leveraging opportunities of RBLF funds for cleanup activities

  Facilitate economic development

  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