New Jersey’s Brownfield properties provide unique opportunities to grow the state’s economy. Usually located where key infrastructure elements are already in place, with access to water, sewer, and utility lines, and proximity to roads, highways, and public transportation, the redevelopment of these properties helps to attract private reinvestment in urban centers, stimulating additional redevelopment, housing, and jobs.

New Jersey offers a number of financing alternatives and reimbursement that encourage the redevelopment of these properties.

The New Jersey Economic Development Authority offers a Brownfields and Contaminated Site Remediation Program (BCSRP) which provides financial incentives for businesses and developers to clean up and redevelop polluted sites.

New Jersey’s Brownfield properties provide unique opportunities to grow the state’s economy. Usually located where key infrastructure elements are already in place, with access to water, sewer, and utility lines, and proximity to roads, highways, and public transportation, the redevelopment of these properties helps to attract private reinvestment in urban centers, stimulating additional redevelopment, housing, and jobs.

The New Jersey Economic Development Authority offers low-interest financing to developers, businesses, municipalities and community groups at various stages of the Brownfield restoration process. Developers and business owners who have signed a Brownfields and Contaminated Site Remediation Program agreement with the New Jersey Economic Development Authority are eligible for this program.

Interim financing is provided to eligible borrowers for meeting the costs of the remediation of a Brownfield site.  The loan must be paid once reimbursements have been received by the borrower under the Brownfield Reimbursement Agreement.

The New Jersey Brownfields Redevelopment Loan Fund provides low-interest loans to municipalities and developers for remediating Brownfields so they may be developed for uses that benefit the community and its tax base. Eleven municipalities (Asbury Park, Camden, Elizabeth, Long Branch, Neptune, New Brunswick, Paterson, Perth Amboy, Plainfield, Pleasantville and Vineland) have access to financial assistance from the initial $2 million in funding that has been provided through a grant from the U.S. Environmental Protection Agency. Eligible projects are being funded on a first-come, first-served basis.

This fund is managed by the New Jersey Economic Development Authority as part of a Brownfields coalition that includes the New Jersey Department of Environmental Protection, the New Jersey Department of Community Affairs Office of Smart Growth and the New Jersey Redevelopment Authority.

To learn more about the Brownfields reimbursement and loan programs or to get a financial or incentive package that meets your individual needs, call 866-534-7789.

The New Jersey Environmental Infrastructure Financing Program is a partnership between the New Jersey Environmental Infrastructure Trust (NJEIT) and the New Jersey Department of Environmental Protection (NJDEP) that provides loans for many aspects of redevelopment projects at the lowest interest rates among state programs.  The interest rate for redevelopment loans are 50% of market rate for a term of twenty years.  Costs of issuance are also shared among borrowers which decrease borrowing costs.

The New Jersey Environmental Infrastructure Financing Program finances project activities that have a water quality benefit and are unrelated to vertical development.  Examples of project components that may be financed include: soil removal, removal of subsurface structures, tanks, and other materials, gas venting systems, associated demolition, storm water management, drainage systems, compaction, and capping including pavement and landscaping.  A percentage of project loans may be utilized for planning activities, engineering services, legal services, costs of permitting, and other administrative costs.

For more information on the New Jersey Environmental Infrastructure Financing Program, call 609-219-8600 or visit www.NJEIT.org.