To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to establish a brownfield cleanup loan program.

Summary: Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) to direct the Administrator of the Environmental Protection Agency (EPA) to establish a program to provide loans for the environmental assessment and remediation of brownfield sites, with specified exceptions.  Defines a "brownfield site" as a parcel of land that contains or contained abandoned or under-used commercial or industrial facilities, the expansion or redevelopment of which is complicated by the presence or potential presence of hazardous substances. 
Authorizes the Administrator, upon approval of an application and with the consent of the State and local governments with jurisdiction over the site, to make separate loans for site characterization and assessment and for response action (for purposes of making the site or sites available for manufacturing, business, or other commercial or residential purposes).  Directs the Administrator to establish a system for the ranking of applications for assistance.

SECTION 1. CLEANUP OF BROWNFIELDS.

    The Comprehensive Environmental Response, Compensation, and 
Liability Act of 1980 is amended by adding the following new title at 
the end thereof:
    ``TITLE VI--CLEANUP OF BROWNFIELDS

``SEC. 601. DEFINITION OF BROWNFIELD SITE.

    ``As used in this title, the term `brownfield site' means a parcel 
of land that contains, or contained abandoned or underused commercial 
or industrial facilities, the expansion or redevelopment of which is 
complicated by the presence or potential presence of hazardous 
substances.

``SEC. 602. BROWNFIELD CLEANUP ASSISTANCE PROGRAM.

    ``(a) Establishment of Program.--The Administrator shall establish 
a program to provide loans for the environmental assessment and 
remediation of eligible brownfield sites.
    ``(b) Eligible Brownfield Sites.--Any brownfield site shall be 
eligible for assistance under this title unless the site is one of the 
following:
            ``(1) Any facility that is the subject of ongoing removal 
        action under title I of this Act.
            ``(2) Any facility included, or proposed for inclusion, in 
        the National Priorities List maintained by the Administrator 
        under title I of this Act.
            ``(3) Any facility with respect to which an administrative 
        order on consent or judicial consent decree requiring cleanup 
        has been entered into by the United States under the Solid 
        Waste Disposal Act (42 U.S.C. 6901 et seq.), the Federal Water 
        Pollution Control Act (33 U.S.C. 1251 et seq.), the Toxic 
        Substances Control Act (15 U.S.C. 2601 et seq.), or title XIV 
        of the Public Health Service Act, commonly known as the Safe 
        Drinking Water Act (42 U.S.C. 300f and following).
            ``(4) Any facility owned or operated by a department, 
        agency, or instrumentality of the United States.
    ``(c) Assistance for Site Characterization and Assessment.--Upon 
the approval of an application made by any person, and with the consent 
of the State and local government having jurisdiction over one or more 
eligible brownfield sites, the Administrator may make loans under this 
subsection to the applicant to be used for the site characterization 
and assessment of such site or sites. Site characterizations and 
assessments shall be performed in accordance with generally accepted 
good commercial and customary standards and practices under section 
101(39)(B) of this Act.
    ``(d) Assistance for Environmental Remediation.--Upon the approval 
of an application made by any person, and with the consent of the State 
and local government having jurisdiction over one or more eligible 
brownfield sites, the Administrator may make loans under this 
subsection to such applicant to be used for response action (excluding 
site characterization and assessment) at one or more eligible 
brownfield sites. Such response action shall be for purposes of making 
such site or sites available for manufacturing, business, or other 
commercial or residential purposes.
    ``(e) Sunset.--No amount shall be available from the Hazardous 
Substance Superfund for purposes of this title.
    ``(f) Prohibition.--No portion of any assistance provided under 
this section to an eligible applicant may be used for payment of 
penalties or fines.
    ``(g) Audits.--The Inspector General of the Environmental 
Protection Agency shall audit all loans made under this section to 
ensure that all funds are used for the purposes set forth in this 
section.
    ``(h) Agreements.--Each loan made under this section shall be 
subject to an agreement which requires the following:
            ``(1) The agreement shall require the applicant to comply 
        with all applicable Federal and State laws and regulations.
            ``(2) The agreement shall require that the applicant shall 
        use the loan exclusively for purposes specified in subsection 
        (c) or (d), as the case may be.
            ``(3) The agreement shall provide for repayment of the loan 
        within a specified period, not to exceed 10 years.
            ``(4) The agreement shall contain such other terms and 
        conditions that the Administrator determines necessary to carry 
        out the purposes of this title.
    ``(i) Leveraging.--The recipient of any assistance under this 
section may use the assistance for part of a project at an eligible 
brownfield site or sites which receives funding from other sources, 
except that such assistance may only be used for the purposes described 
in subsection (c) or (d), as the case may be.

``SEC. 603. APPLICATIONS FOR ASSISTANCE.

    ``(a) In General.--Any person may submit an application to the 
Administrator for a loan under this title for one or more eligible 
brownfield sites. An application may be submitted to the Administrator 
through any Regional Office of the Environmental Protection Agency. The 
application shall be in such form as the Administrator determines 
appropriate.
    ``(b) Application Requirements.--An application for assistance 
under this title shall, at a minimum, include each of the following:
            ``(1) An identification of each eligible brownfield site 
        for which assistance is sought and a description of the 
        redevelopment plan for the area or areas in which each such 
        site is located. Such description shall include a description 
        of the nature and extent of any known or suspected 
        environmental contamination within the area.
            ``(2) An analysis that demonstrates the potential of the 
        loan to stimulate economic development on completion of any 
        necessary response action. Such analysis shall include a 
        projection of the number of jobs expected to be created at the 
        site after remediation and redevelopment and, to the extent 
        feasible, a description of the type and skill level of such 
        jobs and a projection of the increases in revenues accruing to 
        the local, State and Federal government from such jobs.
    ``(c) Approval.--After the first 12 months after the enactment of 
this title, the Administrator shall make annual evaluations of all 
applications received during the prior calendar year and make loans 
under this title to those States and municipalities submitting 
applications during such prior year which the Administrator determines 
have the highest rankings under the ranking criteria established by the 
Administrator. For the first 12 months after the enactment of this 
title, at the end of each 6-month period after the enactment of this 
title, the Administrator shall make loans under this title to those 
applicants submitting applications before the end of such 6-month 
period which the Administrator determines have the highest rankings 
under the ranking criteria established by the Administrator.
    ``(d) Ranking Criteria.--In determining whether to provide 
assistance under this title to any applicant, the Administrator shall 
establish a ranking system for applications. The ranking system shall 
include the following criteria:
            ``(1) The extent to which the assistance will stimulate the 
        availability of other funds for response action and subsequent 
        redevelopment of the area in which the eligible brownfield 
        sites are located.
            ``(2) The potential of the development plan for the area in 
        which the eligible brownfield sites are located to stimulate 
        economic development of the area on completion of the response 
        action such as the following:
                    ``(A) The relative increase in the estimated fair 
                market value of the area as a result of the response 
                action.
                    ``(B) The potential of the assistance to create 
                new, or expand existing, business and employment 
                opportunities (particularly full-time employment 
                opportunities) upon completion of the response action.
                    ``(C) The estimated additional tax revenues 
                expected to be generated by economic redevelopment in 
                the area in which the brownfield site is located.
            ``(3) The estimated extent to which the assistance would 
        facilitate the identification of, or reduction of, health and 
        environmental risks.
            ``(4) The extent to which the site characterization and 
        assessment or the remediation and subsequent development of the 
        eligible brownfield site or sites involves the active 
        participation and support of the local community.
            ``(5) Such other factors as the Administrator considers 
        relevant to carry out the purposes of this title.''.