Frankfort, Ky. (June 1, 2016) –– The Kentucky Department for Environmental Protection’s (DEP) Brownfield Redevelopment Program is pleased to announce the availability of low-interest cleanup loans through its Cleaner Commonwealth Fund (CCF). The CCF makes funds available to qualified entities wishing to clean up brownfield sites and put them back into productive reuse. Entities and properties must meet certain requirements to be eligible.
- Loans are available to nonprofits and local governments.
- Applicants must adhere to proper Bona Fide Prospective Purchaser guidelines to be eligible for cleanup loan funds.
- Properties must be considered brownfields.
- While in most cases the applicant must own the property, there are some cases where the property can be owned by a partner organization.
Program staff can assist in determining eligibility. Currently, the fund has $390,000 available for hazardous waste cleanup loans and $200,000 for petroleum-related cleanups. The loan can be financed for 10-15 years and interest rates range from 0–2 percent, depending on the project and the applicant.
Beginning on June 1, 2016, applications will be accepted on a monthly basis until funds are exhausted. Applications received during the month will be considered at the beginning of the following month. Potential applicants are encouraged to contact the program to discuss eligibility and current availability of funds before applying. Guides, forms, sample documents and more information about qualified properties, entities and loan terms can be found on the brownfield program’s Cleaner Commonwealth Fund page at http://dca.ky.gov/brownfields/Pages/Cleanercommonwealthfund.aspx.
Contact the Kentucky Brownfield Redevelopment Program at 502-564-0323 or firstname.lastname@example.org. To read about brownfield sites that have been cleaned and put back into productive reuse, go to http://dca.ky.gov/Pages/ResourceDocuments.aspx under DCA Case Studies: Brownfields.