Hospital Site Developer Eligible for Brownfield CompensationHospital Site Developer Eligible for Brownfield Compensation The developer of a new hospital site can now receive compensation for brownfield costs, thanks to a recent update in federal regulations. Brownfield sites are former industrial or commercial properties that have been contaminated with hazardous substances. Cleaning up these sites can be expensive, deterring redevelopment. To encourage the cleanup and reuse of these sites, the federal government offers tax incentives and other forms of assistance. The recent update to the Environmental Protection Agency’s (EPA) Brownfield Remediation Loan Program (RLP) now allows developers of hospital sites to apply for loans to cover the costs of brownfield cleanup. This includes assessment, cleanup, and redevelopment activities. The RLP is a low-interest loan program that provides funding to projects that clean up and redevelop brownfield sites. Loans can be used for a variety of activities, including: * Environmental site assessments * Site remediation * Demolition and construction * Infrastructure improvements The update to the RLP is significant because it expands the eligibility of sites that can receive funding. Previously, only certain types of commercial and industrial sites were eligible for RLP loans. Now, hospital sites are also included. The expansion of the RLP is expected to encourage the development of new hospitals in economically distressed communities. By providing funding for brownfield cleanup, the EPA is helping to remove a barrier to redevelopment and create jobs in these communities. For more information on the RLP, visit the EPA’s website: https://www.epa.gov/brownfields/remediation-loan-program-rlp
Hospital site developer can now receive compensation for Brownfield costsWLUC
