Tuesday, November 01, 2011
Michigan Land Bank loans available for brownfield redevelopment
LANSING – Michigan developers can qualify for financial assistance for the development of eligible brownfield sites through a new low-interest loan program offered by the State of Michigan Land Bank Fast Track Authority.
The funds are being offered through a $1 million Revolving Loan Fund (RLF) award by the U.S. Environmental Protection Agency.
“This grant will enable Michigan Land Bank to provide a source of cleanup dollars for brownfield development and revitalization during a time when resources are scarce,” said State of Michigan Land Bank Fast Track Authority Executive Director Kim Homan. “We look forward to working with the EPA and our local partners to identify viable projects that will support economic development within Michigan's communities.”
The Michigan Land Bank will use the funds to offer low-interest loans to eligible public and private entities, including developers and nonprofits, for the development of eligible brownfield sites. RLF funds can be used for cleanup and revitalizing activities on eligible brownfield sites in the form of loans and subgrants to provide the additional source of financing often needed to assist in brownfield development.
For details on how companies can apply for funds through the Michigan Land Bank, including when the program will launch, eligibility requirements and the application process, contact Khalilah Burt Gaston, Development Specialist, at (517) 335-8212.
The Michigan Land Bank is part of the Michigan Strategic Fund (MSF), which receives administrative services from the Michigan Economic Development Corporation. The MEDC, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: MichiganAdvantage.org.