n August 14, 2020, MassDevelopment announced a new round of available funding from the Brownfields Redevelopment Fund to support the environmental assessment and cleanup of contaminated and challenging sites across Massachusetts.
Municipalities, municipal agencies or authorities, economic development and industrial corporations, and economic development authorities may apply for up to $100,000 in site assessment funding or up to $250,000 in remediation funding.
“Converting contaminated and challenging sites into new, constructive uses like affordable housing and commercial opportunities is critical to our goal of building vibrant communities across the Commonwealth,” said Housing and Economic Development Secretary Mike Kennealy. “Through the Brownfields Redevelopment Fund, we can remove a major barrier that would otherwise inhibit our progress toward economic recovery.”
MassDevelopment is the state of Massachusetts’ finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.
MassDevelopment oversees the Brownfields Redevelopment Fund, which helps to transform vacant, abandoned, or underused industrial or commercial properties by financing the environmental assessment and remediation of brownfield sites in “Economically Distressed Areas” of the Commonwealth. Since the Fund’s inception in 1998, it has supported 747 projects for a total investment of more than $108 million.
“MassDevelopment is pleased to administer the Brownfields Redevelopment Fund, a critical resource for revitalizing challenging properties into new housing units, commercial space, and other productive uses,” said MassDevelopment President and CEO Lauren Liss. “We thank the Baker-Polito Administration and the Legislature for their continued support for this program and encourage cities, towns, and their economic development partners to apply for funding.”
This competitive round seeks to advance the redevelopment of sites without a committed end-user where market potential has been identified. It will not replace the traditional process of accepting applications on a rolling basis for eligible proposals with an identified developer.
Responses are due by 5 p.m. on September 18, 2020.
Photo of brownfield property in Fitchburg, Massachusetts courtesy of MassDevelopment.