Delaware Brownfields Revolving Loan Fund
What are brownfields?
Brownfields are any vacant, abandoned or underutilized real property the development or redevelopment of which is hindered by the reasonably held belief that the real property may be environmentally contaminated.
Why are brownfields important?
Delaware has more than 750 contaminated sites. These often abandoned sites can create safety and health risks to surrounding residents, increase unemployment, and are frequently tax delinquent. Because lenders, investors, and developers sometimes fear liability for cleaning up the contamination they did not create, they are attracted to developments in newer areas, or “greenfields.”
What is the Brownfields Redevelopment Loan Fund?
The Brownfield Revolving Loan Fund (BRLF) helps eligible borrowers pay for the clean up of brownfields. The fund is managed by the Division of Air and Waste Management Site Investigation and Restoration Branch, in collaboration with the Division of Water Resources.