 |
 |
|
|
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.
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. The Brownfields Redevelopment Fund was established to encourage the reuse of brownfields in Economically Distressed Areas throughout Massachusetts by providing flexible, low-cost financing for environmental actions through the Brownfields Site Assessment Program and the Brownfields Remediation Program. MassDevelopment also offers other financing programs that can support a brownfields redevelopment project with feasibility, acquisition, construction, and permanent financing, and can assist borrowers attempting to access state, federal, and private-sector assistance. The Commonwealth's Brownfields Tax Credit Program, administered by Mass DOR, offers eligible businesses and nonprofit organizations a tax credit, which may be used against their state tax liability, transferred, assigned or sold, for the costs incurred to rehabiliate contaminated property owned or leased for business purposes and located in an economically distressed area. The Massachusetts Business Development Corporation administers the Brownfields Redevelopment Access to Capital Program (BRAC Program) on behalf of the Commonwealth. The program offers low-cost, state-of-the-art and often state-subsidized environmental insurance to help eliminate environmental risk associated with brownfields redevelopment. Technical and legal assistance and resources to help you identify Licensed Site Professionals are also available. Click here for Sources of Additional Assistance Brownfields Redevelopment Fund - 2007 Annual Report and project listing Click here for information on the Brownfields Advisory Group's next meeting |
| Call 800.445.8030 or click here. |