Public benefit and economic development components of brownfields projects often qualify them for state funding. Some state environmental departments offer brownfields technical assistance or grants, or they provide financial support indirectly through programs such as clean water bonds. The possibilities for brownfields funding continues to grow. The interest-free bonds would be payable in 15 years. Bondholders would receive federal tax credits equal to the amount of interest they would have received from the communities.
Creative financing is the key to budget-saving brownfields redevelopment.
By combining federal, state and private funds with their own resources, local governments have more opportunities than ever to turn abandoned and contaminated sites into attractive, economically productive properties. Michael Bryan is a brownfields specialist for Research Triangle Institute. All rights reserved.