Financial Assistance 

Assessment Grants This EPA sponsored program allows public agencies to identify, inventory, characterize, assess, and conduct planning and community involvement related to brownfield sites.
Eligibility	Local, State or Tribal Governments.  Existing awardees may apply for additional funding.
Type of Funding	Grant used to conduct site investigations and related activities at brownfield sites.
Amounts	Up to $200,000 over 2 years
Availability	National competition annually.
More Information	Application guidelines from EPA
Contact	Jim Byrne, Brownfields Coordinator, EPA Region One  617-918-1389
Targeted Brownfields Assessments Program This EPA/DEM program is designed to help communities reduce the uncertainties surrounding actual or perceived contamination associated with properties in their neighborhoods.
Eligibility	Public or Non-Profit organizations (that partner with a public entity) acting as voluntary parties and that have redevelopment plans for a brownfield site. Responsible parties are not eligible.
Type of Funding	Site Investigations performed by environmental consultants under contract with the state.
Amounts	Cost of Site Investigation
Application	Targeted Brownfields Assessment Application from DEM (to obtain copy, e-mail Cynthia Gianfrancesco at cynthia.gianfrancesco@dem.ri.gov)
More Information	DEM and EPA Program descriptions
Contact	Cynthia Gianfrancesco, Principal Environmental Scientist, Office of Waste Management  222-2797 ext.7126
Brownfields Competitive Site Assessment Grant Opportunities
Revolving Loan Fund  Through its Brownfields Cleanup Revolving Loan Fund (RLF), the Economic Development Corporation can provide low-interest loans and grants to assist in cleaning up abandoned or underutilized properties. In 2003, the State was awarded its second RLF from the U.S. Environmental Protection Agency providing $3 million for brownfields cleanup assistance. Portions of the funding are earmarked for sites in Providence and Pawtucket. The program is intended to provide a sustainable financing mechanism for site cleanup and consequent return of the properties to beneficial, economically productive use. EDC staff assist applicants in applying for loans and grants. The Small Business Loan Fund Corporation (SBLFC),a wholly owned subsidiary of EDC serves as fund manager. As a "revolving" loan fund, the program uses loan repayments (principal, plus interest and fees) to make new loans for the same authorized purposes. EDC also administers additional economic development loan programs which could be used to finance brownfields redevelopment.   (See: RIEDC's loan programs pages.)
Eligibility	A public, private, or not-for-profit entity that has control over or access to an eligible site may qualify for a loan. The applicant must be authorized to enter into legally binding agreements and to incur debt, be financially sound, and have an economically viable redevelopment plan. A public or not-for-profit entity that owns an eligible brownfields site, and meets the criteria above (except for having authority to incur debt), may qualify for a subgrant. To be considered an eligible borrower or grantee, an entity cannot be considered potentially liable for cleaning up the site under the Superfund law or under Rhode Island laws. A Site Investigation Report on the property must have been completed in accordance with DEM rules and procedures (See: The Process ).
Type of Funding	Loans at below-market rates are available to remediate eligible brownfields sites. For non-profit organizations or eligible public entities, grants are also available.
Amounts	The minimum loan amount is $50,000; the maximum varies, and should be discussed in advance with the relevant city planning department. The maximum subgrant amount is $200,000.
Terms and Conditions	The maximum loan term is five (5) years, although exceptions may be made. Repayments of principal and/or interest are made monthly.
More Information	See: Brownfields Cleanup Revolving Loan Fund (Overview, Eligibility, Criteria, Process, Application/Resources)
Contact	William J. Parsons,  Brownfields Coordinator, Economic Development Corporation, 278-9100 x130
Mill Building Tax Credit The Mill Building Revitalization Act provides tax incentives for investors in 11 participating municipalities.  EDC oversee the program aimed to assist developers renovate certified mill buildings.
Eligibility	Mill buildings identified by participating communities:  Bristol, Burrillville, North Providence, North Smithfield, Pawtucket, Providence, Warren, West Warwick and Woonsocket. (Check eligibility on the RIEDC page.  Click on each municipality for a property listing.)
Type of Funding	Tax credit
Amounts	- Specialized Investment Tax Credit: A credit up to 10% of the cost of the substantial rehabilitation. - Lenders Tax Credit: Up to 10% of the interest earned on loans (up to $10,000 per year) to eligible businesses or a credit equal to 100% of the interest earned on capital improvement loans (up to $20,000 per year). - Business Tax Credit: Certified Enterprise Zone businesses may receive a credit of up to 100% of new employees wages (up to $3,000 per employee).   If the building is within an enterprise zone a further credit for up to 50% of the new employees wages are eligible (up to $10,000 per employee).
More Information	See EDC pages on Business Assistance
Contact	Victor Barros, Economic Development Corporation, (401) 222-2601
Historic Building  Tax Credits The Rhode Island Historic Preservation and Heritage Commission administers both the federal and the new state tax credit programs.  Rhode Island's state tax credit for the rehabilitation of historic commercial structures will took effect in January, 2002.   (See: bill text,   See: regulations)
Eligibility	To be eligible, the structure must be one of the over 900 structures in the State listed on the National Register for Historic Places and a depreciable property.   The rehabilitation costs must exceed 100% of the adjusted basis of the building or $5,000, whichever is greater.  The rehabilitation must be completed within a 24-month period.
Type of Funding	Income tax credit
Amounts	Up to 20 percent of the cost for the federal program.   The state program allows for an additional 30 percent of major renovation costs to be credited.
Terms and Conditions	In order to qualify for the state program,  the cost of the rehabilitation project must equal at least 50% of the adjusted basis of the property.
More Information	See: RI Historic Preservation and Heritage Commission's page
Contact	Virginia Hesse Principal Historical Architect, RIHPHC, 222-2678
Brownfields Job Training and Development Demonstration Pilot Program The U.S. Environmental Protection Agency announced January 7, 2002 that the nonprofit group, Groundwork Providence, has been awarded a $200,000 EPA grant to start a Brownfields job training program. Groundwork Providence will use the grant to train 90 underemployed or unemployed Providence residents as environmental cleanup technicians, who will be qualified for jobs redeveloping abandoned or underused sites in the Providence area. (EPA Press Release)
Eligibility	Must be a resident of an Enterprise Community in Providence, RI
Type of Funding	Grant used to fund an environmental training program
Amounts	$200,000 over 2 years
Terms and Conditions	Grants are awarded through a national competition. The program will recruit 45 students for each of the two years.
More Information	EPA Press Release
Contact	Sally Turner, Assistant Director, Groundworks Providence (401) 351-6440
Brownfields Tax Incentive The Brownfields Tax Incentive, which expired on December 31, 2003, was renewed when the President signed the Working Families Tax Relief Act (Public Law §108-313) in October 2004. The law extended the period that taxpayers can take advantage of this benefit from the time it expired through December 31, 2005. Since 1997, the Brownfields Tax Incentive has allowed taxpayers to deduct cleanup costs in the year they are incurred, rather than having to be capitalized. For additional information go to: http://www.epa.gov/swerosps/bf/bftaxinc.htm. New materials are now on the EPA website about the Federal Brownfields Tax Incentive and Treasury's New Markets Tax Credit Program and how they can benefit brownfields cleanup and redevelopment. Please visit http://www.epa.gov/brownfields/mmatters.htm to see the four Tax Incentive case studies and New Markets fact sheet.