‘Brownfields’ Fund Needs Backing to Keep Up its Good Track Record
October 27, 2013 : The Boston Globe, Letter by Marty Jones
Thank you for focusing on the Brownfields Redevelopment Fund in the Oct. 20 editorial “‘Brownfields’ legislation is key to transit-oriented development.” As more people live in cities, making good use of our land becomes ever more essential to supplying sufficient sustainable, reasonably priced housing units.
Ninety percent of fund resources have already launched redevelopment or put sites back in productive use. The fund leverages private investment and serves as an economic generator. About 4,400 construction and full-time jobs and more than 2,500 housing units have come in the last five years from the commercial buildings and housing backed by the fund.
In the last fiscal year alone, the fund supported 75 projects with nearly $20 million for environmental assessment and cleanup. MassDevelopment has seen a growing need for the fund to return sites to productive use.
Although the Brownfields Redevelopment Fund is fully committed and unable to fund new requests, we hope the Legislature will recapitalize it soon given its successful economic and environmental track record.
President and CEO