BROWNFIELDS IMPACT FUND
The grant portion of the Brownfields Impact Fund program is currently closed. The program continues to accept loan applications.
For any questions, please email firstname.lastname@example.org.
The Brownfields Impact Fund provides loans/grants on a first come, first serve basis to assist with the cleanup of brownfield sites throughout the state by addressing funding gaps. Loans and grants can be awarded in amounts up to $350,000.
Under the Brownfields Impact Fund, the NJEDA will make low-interest loans available to for profit organizations as well as low-interest loans and grant funding available to public sector and non-profit organizations.
These loans/grants will assist with cleanup and other pre-construction activities on brownfield sites throughout the state. Eligible uses of the loan and/or grant funding includes remediation activities necessary to clean up the release or mitigate the threatened release of hazardous materials and other activities approved by the U.S. EPA and outlined in the program specifications.
Funds will be awarded on a first come, first serve basis upon receipt of a completed application.
Loans or grants cannot be provided to entities who caused or contributed to the contamination of the property (Responsible Party).
While funding can be used throughout the State, NJEDA’s Brownfields Impact Fund program will target Community Collaborative Initiative (CCI) cities which have high instances of brownfields, poverty, health disparities and need for revitalization. For the first three months of the program, eligibility will be limited to CCI cities.
Prior to closing, NJEDA will submit loans and grants to USEPA for applicant and site eligibility. Projects that have been approved for grants through other NJEDA programs, including, but not limited to the Hazardous Discharge Site Remediation Fund (HDSRF) program may eligible for the Brownfield Impact Fund, however the applicant must demonstrate to the Authority that the uses of the funds for the Brownfield Impact Fund are not duplicative of the uses from other NJEDA grants.
Applicants may leverage funding from other federal, state, and/or local grant programs to the extent allowable under USEPA Brownfield RLF grant program rules.
$50,000 to $350,000
Funds to be disbursed upon receipt and review of approved invoices.
$25,000 to $350,000
Funds to be disbursed upon receipt and review of invoices.
Aggregate of grants are limited to 45% of the total RLF amount
- Up to a 20-year term based on the remediation and project redevelopment timeframe. No prepayment penalty.
- Principal and interest will be deferred through the end of Year 4, interest to accrue and capitalize during this period, then the outstanding balance plus capitalized interest to fully amortize for the remaining term (no balloon). Loan interest will be set at 2%, with option for interest rate reductions to a floor of 1%.
- Bonus Option: Option to reduce interest rate to 1% to incentivize achievement of NJEDA state policy goals, as described below. Project site locations must meet at least two of the following criteria for interest rate reduction to 1%:
- CCI communities or government restricted municipality
- Project site located in a municipality ranked as one of the 50 most distressed municipalities per the NJDCA 2017 Municipal Revitalization Index
- Project site located within an existing Planning Area 1 (Metropolitan) and within a one-half mile radius, with existing bicycle and pedestrian connectivity, to the mid-point of an existing New Jersey Transit Corporation, Port Authority Transit Corporation, or Port Authority Trans- Hudson Corporation rail, bus, or ferry station, including all light rail stations, or a high frequency bus stop as certified by the New Jersey Transit Corporation
- Project site located in an Opportunity Zone eligible census tract
Loan Modification Fee: $1,000
Loan Closing Fee: 0.875% of the loan
Loan Commitment Fee: 0.875% of the loan
*The NJEDA will waive a grant application fee upon demonstration by the applicant that the imposition of the fee would impose an undue financial hardship.
Applications open state-wide on April 20th https://application.njeda.com/BrownfieldImpactFund
- Funding will be available on a rolling basis, first come, first served, based on the readiness of the application and the availability of funds.
- NJEDA asks that all applicants complete a Pre-Qualification Form prior to submitting an application in order to begin the process of evaluating the project’s eligibility under the board-approved program specifications.
- Applications will have a 45-business day remedy period (to remedy any open application items and/or supply missing documentation and/or correct any deficiencies).
- Prior to closing, NJEDA will submit loans and grants to USEPA for applicant and site eligibility.
Mapping Assistant Tool
The NJEDA has provided this mapping tool to assist potential applicants to determine if proposed projects may be eligible for certain aspects of the program.
A project located within an eligible area is not guaranteed participation in the Program, special incentives, or rates.
ARE YOU INTERESTED IN LEARNING MORE ABOUT THE BROWNFIELDS IMPACT FUND?
If you are a potential applicant that would like to learn more about the Brownfields Impact Fund? Please complete this expression of interest form and we will have a member of our team reach out to you.
For more information or to ask a specific question please send an email to email@example.com and a team member will reach out to you.