We previously discussed that the New York City Office of Environmental Remediation (OER) Brownfield Incentive Grant (BIG) program had become fully subscribed meaning that all of the funds appropriated for the program have been committed to projects. OER has been working on obtaining additional appropriation to fund new BIG applications.
The good news is that OER has recently received a new appropriation for the BIG program. The bad news is that BIG financing will no longer be available for projects that exceed 100K total square footage. The new limitations which will be reflected in upcoming rulemaking will apply for any voluntary cleanup program projects with an internal voluntary cleanup program number above #131.
All is not lost, though, for projects that exceed the 100K sq. ft threshold. These projects will still be eligible to receive remedial action grants of $20K from the Regional Economic Development Council grant that was awarded to OER. Moreover, these projects may still apply for the EPA revolving loan fund sub-grant if they otherwise qualify for such sub-grants,