The City has received an $820,000 grant from the Environmental Protection Agency to help cleanup Austin’s contaminated sites.
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?
Any hazardous materials
Any petroleum products
Lead based paint abatement
Flexible loan sizes
Terms: Interest only available for the cleanup period. Terms up to seven years.
Rates: 2% for nonprofits; 4% for profit enterprises.
Loans made on a reimbursement basis
State and federal rules apply to these funds
*Terms and conditions have not been finalized. These terms and conditions are subject to change at the program’s discretion.
Eligible Borrowers Must Meet ALL of the Following Criteria:
Completed a Phase I Environmental Site Assessment (ESA) PRIOR to assuming ownership of property;
Control over (ownership or purchase 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.