Brownfields Cleanup Revolving Loan Fund

In 2010, the City of Nashua 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.

Eligibility

• all properties within Nashua
• applicants may be property owners, developers, non-profit organizations
• the site must have a completed Phase Two environmental assessment report that characterizes the type of contamination, the location and extent of the contamination, a proposed remediation strategy and budget. The funding of the assessment is not an eligible use of RLF funds.

Uses of Funds

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:

• installation of security controls;
• drainage controls;
• capping of contaminated soils;
• using materials to retard the spread of contaminants;
• excavation, consolidation or removal of contaminated soils;
• removal of drums, barrel, tanks or other bulk containers.
• Demolition, only if necessary to conduct remediation beneath the building itself.

Loan Terms

Loan terms will be developed based upon the financing needs of the project. However, loan amounts are limited to 80% of the actual cost of the cleanup.

Application Process and Fees

The Brownfields Cleanup Revolving Loan Fund application is a two step process:

• A site eligibility form can be submitted at no cost and will be used to determine basic project eligibility and potential feasibility.
• If deemed eligible, a Brownfields RLF application can be submitted along with a nonrefundable application fee of $350.

If the loan is approved, the application fee will be applied to the loan origination fee at the time of loan closing. An origination fee of 1% of the loan amount, but not less than $900, will be charged. Closing costs are the responsibility of the borrower.