[CPEO-BIF] New Funding Available for Brownfield Sites

[cpeo <cpeo@cpeo.org>]

The California Center for Land Recycling (CCLR) and the California
Environmental Redevelopment Fund (CERF) are pleased to announce an
innovative and smart program for funding brownfield site assessments.

Created by the Office of the State Treasurer, this new program provides
low-interest, forgivable loans of up to $125,000 for brownfield site
assessment and characterization, technical assistance, and remedial
action planning. CERF and CCLR have been awarded the statewide contract
to administer the program, known as the California Recycle Underutilized
Sites (Cal ReUSE).

Eligible projects include sites with potential beneficial reuse not
currently redeveloped due to lack of information about real or
perceived contamination, uncertainty about clean-up costs, or concerns
regarding timeframes and the regulatory process. Priority will be given
to projects located in distressed neighborhoods with demonstrated
community support.

 Loan Terms:
 *       Maximum loan amount of $125,000 per site
 *       Minimum 15% cash match based on the loan amount
 *       Processing Fee: 2% of loan amount
 *       Maximum loan term 36 months
 *       2.66% interest rate (based on the State's Surplus Money
Investment
 Fund earnings)
 *       No interest payments required during the term of the loan
 *       Loan may be forgiven by CERF/CCLR if the borrower, acting in
good faith, fails to complete the project or proceed with development

Loan recipients may also be eligible for technical assistance from CCLR
and additional financing from CERF for up to $5 million per project.

To request a loan packet or for more information please contact:

 Natasha Burger
 California Center for Land Recycling
 455 Market Street, Suite 1100
 San Francisco, CA 94105
 (415) 820-2080
 natasha.burger@cclr.org

 *******************************************
 California Environmental Redevelopment Fund
 Peter Hollingworth
 President
 1812 J Street, Suite 21
 Sacramento, CA 95814
 (916) 326-5225
 peter.hollingworth@ca-cerf.com

 California Center for Land Recycling
 Stephanie Shakofsky
 Executive Director
 455 Market Street, Suite 1100
 San Francisco, CA 94105
 (415) 820-2080
 stephanie.shakofsky@cclr.org

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