Funding & Financial Incentives

 

Brownfield Site Reimbursement Fund
Developers of brownfields sites who have completed a cleanup under a Memorandum of Agreement can obtain reimbursement of up to 75% of remediation costs. To receive funding:

  1. the redevelopment must generate tax revenues,
  2. anticipated taxes from the site must exceed the funding amount requested, and
  3. the costs of the redevelopment must have been actually and reasonably incurred.

Reimbursement is made after the site has generated tax revenues greater that the predetermined reimbursement amount. Program information can be obtained from Mike Sylvester, Vice President, Excel Environmental Resource, Inc., at (732) 545-9525.

Hazardous Discharge Site Remediation Fund (HDSRF)
Loans and grants can be obtained under the HDSRF to perform Preliminary Assessments, Site Investigations, Remedial Investigations, and Remediation. The fund may also be used to pay oversight costs and address imminent environmental threats. Recipients may include Municipalities, private parties, and the New Jersey Redevelopment Authority. Additional program information can be obtained from Mike Sylvester, Vice President, Excel Environmental Resource, Inc., at (732) 545-9525.

Environmental Opportunity Zone Act (EOZ)
Municipalities within Environment Opportunity Zones (EOZ) can receive property tax exemptions for a term of ten years. A term extension of an additional five years can be obtained if the subject property is remediated with a limited restricted use or an unrestricted use standard. To find out if your community is within an EOZ, and to identify eligibility and application requirements, please contact Mike Sylvester, Vice President, Excel Environmental Resource, Inc., at (732) 545-9525.

Petroleum UST Remediation, Upgrade, and Closure Fund
Loans and grants can be obtained under this program for underground storage tank closures, remediation, and/or upgrades. Eligible recipients include:

  1. municipalities (eligible for loans only),
  2. UST owners/operators who own less that 10 tanks, have a net worth of under $2 million, and cannot qualify for a commercial loan, and
  3. owners/operators of a UST containing heating oil for a residential building.

Loans can be up to $1 million per facility; grants are available up to $250,000. For more information contact Mike Sylvester, Vice President, Excel Environmental Resource, Inc., at (732) 545-9525.