Recently, the New Jersey Economic Development Authority (“NJEDA”) announced the launch of the new Brownfields Impact Fund, a new program offering loans and sub-grants to eligible applicants across New Jersey to promote remediation of contaminated sites. Applications for the Brownfield Impact Fund are expected to open early 2022, but interested parties can complete a pre-qualification form found on the NJEDA’s website.
Low-interest loans of up to $350,000 will be available to for-profit organizations, local government entities, and non-profit organizations. Sub-grants of up to $350,000 will be available to non-profit organizations and local government entities.
The NJEDA will award funds on a first come, first serve basis. However, for the first 90 days after the application officially opens, eligibility will be limited to federally designated Opportunity Zones in New Jersey’s 12 Community Collaborative Initiative cities. After the first 90 days, the NJEDA will accept applications from projects located anywhere in New Jersey.
In order to be eligible for a loan or sub-grant, a party must either own the subject property at the time of the application, demonstrate site control, or a path to site control. The loans or sub-grants from the Brownfields Impact Fund cannot be issued to entities who caused or contributed to the contamination at the property.
The attorneys at Parker McCay have extensive experience guiding clients through NJEDA’s application processes. If you are interested in discussing opportunities available through the Brownfields Impact Fund, please contact Parker McCay’s Environmental Department.