Delaware County Redevelopment Authority Awarded $1 Million in Brownfield Revolving Loan Funds from the Environmental Protection Agency
MEDIA – The Delaware County Redevelopment Authority (DCRDA) Board is pleased to announce that it will receive an award of $1 million in Brownfields funds from the U.S Environmental Protection Agency (EPA)’s Revolving Loan Fund (RLF) Grant Program.
The Environmental Protection Agency’s RLF Grants provide funding for loans or subgrants for community stakeholders to carry out cleanup and other activities at brownfields sites. A brownfield is a property for which expansion, redevelopment, or use may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
DCRDA received the maximum possible award to launch the County’s Revolving Loan Fund. Funds loaned from the program can be used to cleanup brownfields sites, install site security, analyze cleanup alternatives, engage the community, and establish administrative records. As loaned funds are repaid following the completion of projects, those funds are made available to other borrowers, providing a sustained source of capital for redevelopment. These funds provide a flexible, low or no interest financing tool for organizations interested in developing or redeveloping a variety of properties across the County.
“The receipt of this grant will allow the Redevelopment Authority to offer an attractive financing source to further incentivize the remediation and productive reuse of brownfield sites in Delaware County,” said DCRDA Chair Matthew Sullivan. “The Redevelopment Authority is eager to put this funding to work to generate economic growth and improve public health.”
More information about the EPA’s Revolving Loan Fund grant program can be found here.