Revolving Loan Fund (RLF)
What's the Revolving Loan Fund program (RLF)?
The Brownfields Cleanup Revolving Loan Fund program provides financial assistance in the form of low interest loans and subgrants to assist with cleanup costs at brownfield sites in Niagara County, NY.
To encourage the remediation of brownfield sites, the Niagara County Brownfield Development Corporation (NCBDC) manages a Brownfields Cleanup Revolving Loan Fund (RLF) program that offers 0.5% fixed rate loans to assist with the cleanup costs at brownfield sites in Niagara County. Each loan is customized to provide the greatest flexibility to the borrower.
The loan fund is capitalized with funding from the United States Environmental Protection Agency (EPA). The goal of the RLF program is to fund the cleanup of brownfield properties in order to promote reinvestment and to retain or create new jobs. Loans supplement other sources of funding committed to the project and are structured to encourage borrowers to put properties back into productive use.
About the RLF
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Customized loans with flexible terms and low interest rates (0.5%) with no minimum or maximum loan amount.
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One year interest and payment free grace period after loan closing; Second year is interest only.
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Funds can be used for site remediation activities including professional services and soft costs related to remediation activities.
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Davis Bacon prevailing wage rates apply to cleanup activities. Professional service costs are not subject to Davis Bacon.
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Grants are available for remediation at sites owned by a municipality or non-profit organization.
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Applicant responsible for loan closing costs. No other loan fees are charged.
Eligibility Requirements
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MUST have completed an ASTM E1527 Phase I ESA in accordance with All Appropriate Inquiry requirements within 180 days prior to the date of property acquisition.
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Cannot be responsible for site contamination-MUST be considered a “Volunteer” in the New York State Brownfields Cleanup Program.
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Can’t be disbarred from receiving federal funds
The Revolving
Loan Fund (RLF) Process
