Once the site is redeveloped, the grant becomes a loan, subject to repayment. This will allow municipalities to obtain money to clean sites without danger of exceeding their debt limit. Particularly in those instances where remediation costs are estimated to be higher than usual, housing developers accustomed to using reduced interest rate loans and other subsidies currently available from state housing programs may find that these forms of financing are still insufficient to make their proposed development feasible. Suggestion Provide state agencies that fund housing developments with an inventory of brownfield sites. The NJRA is eligible to receive innocent party status when the immediate predecessor in the title would have qualified but failed to apply.
Municipalities are ineligible.
Suggestion Expand the usage of Innocent Party Grants by revising the eligibility requirements to permit municipalities to receive innocent party status when the preceding owner would have qualified but failed to apply. Allow NJRA to receive innocent party status when any preceding owner would have qualified but failed to apply. This would allow NJRA the flexibility to address tier 3 type-sites. Issue Many municipalities and developers are unaware of all the available State and federal incentives for brownfield redevelopment. The Brownfields Redevelopment Task Force should develop an outreach effort including promotional materials to educate the municipalities about the Brownfields Program.