The City has received a grant from the Environmental Protection Agency to help cleanup Austin's contaminated sites through a Revolving Loan Fund.
This money will be loaned at favorable and flexible terms for sites that might have problems obtaining traditional bank financing. A limited amount of discounted loans are available to nonprofit organizations for the promotion of equitable development.
What type of cleanups can the loan fund?
Lead based paint
Asbestos containing materials (ACM)
Rates: 2% for nonprofits; 4% for profit enterprises
Flexible loan sizes
Terms: Interest only available for the cleanup period. Terms up to seven years
Loans made on a reimbursement basis
State and federal rules apply
*Terms and conditions have not been finalized. These terms and conditions are subject to change at the program’s discretion.
Completed a Phase I Environmental Site Assessment (ESA) PRIOR to assuming ownership of property;
Control over (ownership or purhcase option) a site within City of Austin, Texas or the extra-territorial jurisdiction;
Authorized to incur debt and enter into legally binding agreements;
Complete a loan package;
Demonstrate creditworthiness and the ability to repay the loan;
Nonprofits must demonstrate strong community support for their beneficial project
Other eligibility criteria exist, please click the button below for more details.