To reclaim abandoned and underutilized brownfield sites for productive reuse, provide additional job opportunities, increase the tax base, improve the quality of life for residents in surrounding neighborhoods, maximize leveraging opportunities from both the private and public sectors and promote the program to private developers, lending institutions, the real estate community and the non-profit sector.
Eligible borrowers can be any public or private entity with control of a brownfield site. Recipients can receive funding to aid with costs directly associated with the environmental cleanup of brownfield sites. Funding is awarded in the form of subgrants and low-interest loans. Only non-profit organizations are eligible for subgrants of up to $200,000, awarded as available. For-profit and non-profit organizations are eligible for low-interest loans.
The City of Worcester offers this innovative program through a $1.3 million grant provided by the United States Environmental Protection Agency. The BCRLF offers a number of options to developers, eligible property owners and other community stakeholders interested in the cleanup of brownfield properties: