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Here is an overview of financial incentives for brownfield redevelopment from federal and RI state sources. Please see the EPA website for more information and updates on the Federal Brownfields Tax Incentive programs for funding and financing brownfield redevelopment.
| Program |
Eligibility |
Funding for |
US Environmental Protection Agency (EPA) - Assessment Grants2
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Local, state or tribal governments |
Site investigation and related activities |
EPA, RI Department of Environmental Management (DEM) - Targeted Brownfields Assessment Grants
(up to $200,000 over 2 years) |
Public or non-profit organizations (that partner with a public entity) that are voluntary (i.e. not "responsible") parties with redevelopment plans |
Site Investigations performed by environmental consultants under contract with the state; grants for the costs of site investigation. |
EPA, RI Economic Development Corporation (EDC) - Revolving Loan Fund (RLF)
Low interest loans or grants3 |
Private, public or non-profit entities that have control over/access to an eligible brownfield site |
Cleanup of abandoned or underutilized properties |
RI Historic Preservation and Heritage Commission4
Homeowner Tax Credit: 20% of cost of exterior renovation work
Commercial Tax Credit: 20% federal + 30% state tax credit
Low interest loans
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Owners of structures l isted on the National Register of Historic Places, located within a National Register Historic District, or located in a local historic district5.
public, non-profit, or private owners |
Rehabilitation of historic structures in accordance with preservation guidelines
Exterior Income tax credit
Restoration work, sometimes acquisition |
1For more information see http://www.dem.ri.gov/brownfields/financial/index.htm
2For more information about EPA’s financial incentives programs, see http://www.epa.gov/brownfields/mmatters.htm
3For more information about EDC’s business assistance programs, see http://www.riedc.com/riedc/business_services/
4Under the 2002 Historic Preservation Act. This program replaced the tax credit program under the Mill Building Revitalization Act, which was repealed. For more detailed information, see http://www.preservation.ri.gov/credits/
5Federal tax credit requires property to be depreciable and rehabilitation to be completed within 24-months
The Northeast-Midwest Institute (2006) offers overviews of state and local brownfield financing tools and strategies, which help to overcome the primary barriers to brownfield redevelopment: costs.
The report State Brownfield Financing Tools and Strategies uses case studies of successful state brownfield financing strategies for "filling capital gaps in brownfield redevelopment projects" (Northeast-Midwest Institute 2005). Available at http://www.nemw.org/BFStateFinTools.pdf
A detailed overview of local brownfield financing tools is presented can be found in the article Local brownfield financing tools: Structures and Strategies for Spurring Cleanup and Redevelopment . This report outlines approaches that local or city governments can use to spur brownfield redevelopment and revitalize local underused sites. Available at: http://www.nemw.org/Brownfield%20local%20financing%20tools.pdf
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