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In 2023, the Monadnock Economic Development Corporation was awarded funds from the Environmental Protection Agency (EPA) to capitalize a Brownfields Cleanup Revolving Loan Fund to help clean up and revitalize local areas identified by the Brownfields Law as a site where expansion, redevelopment, or reuse may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. Cleaning up and reinvesting in these properties protects the environment, reduces blight, and takes development pressures off green spaces and working lands.
Loan funds may be used for the cleanup of brownfields properties that have been determined to have an actual release or substantial threat of release of a hazardous substance, including:
Loan amounts up to 100% of the actual cost of the cleanup are eligible.
Loan terms will be developed based upon the financing needs of the project.
The Brownfields Cleanup Revolving Loan Fund application is a two step process:
The origination fee is equal to 1% of the loan amount. If the loan is approved, the application fee will be applied to the loan origination fee at the time of loan closing.
May 25, 2023: The Monadnock Economic Development Corporation (MEDC) is proud to announce that it has received a $1,000,000 grant from the Environmental Protection Agency (EPA) to launch a Brownfields Revolving Loan Fund program in the Monadnock Region. The Keene-based regional development corporation is one of 10 entities in the United States to win the award.
The program will provide grants and loans to clean hazardous waste sites in support of new development. For several reasons, commercial sites become contaminated which can impact public health and make the site undevelopable. Common “Brownfield” sites include old factories, dry cleaners, or gas stations. The goal of the program is to improve lives by helping the environment, improving public health, and growing the local economy.
The program is expected to launch in late 2023. Detailed funding information will be published here as it becomes available.
See the official EPA announcement here.
Monadnock Economic Development Corporation
PO Box 704, Keene, NH 03431
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