In Massachusetts, your brownfields real estate deal may very well open the door for additional incentives and cost-saving opportunities for your project. We have dedicated professionals and organizations with expertise in environmental remediation available to guide you through the process.
The Brownfields Redevelopment Fund was created in 1998 to encourage the reuse of brownfields in Economically Distressed Areas (EDAs) throughout the state. Brownfields are vacant, abandoned, or underutilized industrial or commercial properties where expansion, redevelopment, or improvement is complicated by real or perceived environmental contamination and liability. MassDevelopment administers the Brownfields Redevelopment Fund.
The Brownfields Site Assessment Program – The Site Assessment Program provides unsecured, interest-free financing up to $100,000 for environmental assessment of brownfields.
The Brownfields Remediation Loan Program – The Remediation Loan Program provides flexible loans up to $500,000 for environmental clean-up of brownfields.
When your site is ready for redevelopment, MassDevelopment can provide a real estate loan or tax-exempt bond to finance your project. Our staff can provide information on accessing other state, federal, and private-sector assistance and identifying Licensed Site Professionals.
Additional State-Sponsored Brownfields Programs
In addition to MassDevelopment’s Brownfields Redevelopment Fund, other state brownfields programs that provide financing incentives include:
Brownfields Redevelopment Access to Capital Program (BRAC) – BRAC is administered by the Business Development Corporation of New England and offers low-cost, often state-subsidized, environmental insurance to help mitigate risk associated with brownfields redevelopment.
Brownfields Tax Credit Program – The tax credit program is administered by the Massachusetts Department of Revenue and offers eligible businesses and nonprofits a tax credit for the costs incurred to remediate contaminated property owned or leased for business purposes and located in an EDA. Tax credits may be used against state tax liabilities, or transferred or sold to third parties.
Technical and legal assistance and resources to help you identify Licensed Site Professionals are also available.