New SBA SOP 50 57 May Establish Best Environmental Practices for Foreclosures

Environmental Due Diligence, Lender Liability /

SBA has issued a new Standard Operating Procedures (SOP) 50 57 “7(a) Loan Servicing and Liquidation “  that consolidates SBA procedures for administration of 7(a) Loans that are in “regular servicing” and “liquidation” status. The new SOP becomes effective on March 1st. Back in June 2012, SBA had revised its SOP In June 2012, SBA […]

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Bank Agrees To Reimburse EPA for Post-Foreclosure Removal Action Costs

Brownfields, CERCLA, Hazardous Waste, Lender Liability /

We have frequently written on the heightened risks that lenders face when foreclosing or taking control of the property of defaulted borrowers. See Ohio Bank to Reimburse EPA. Despite several high-profile enforcement cases such as the HSBC case in New York that illustrate the potential exposure that lenders face when they take control over a borrower’s

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4th Circuit Hears Oral Argument on Ashley II Case

Brownfields, CERCLA, Environmental Due Diligence /

The United States Court of Appeals for the Fourth Circuit heard oral argument in early December on the appeal of the Ashley II of Charleston v PCS Nitrogen decision, 2010 U.S. Dist. LEXIS 104772 (D.S.C. 9/20/10).  The case involves a 43-acre Columbia Nitrogen Superfund Site in the Upper Peninsula area of Charleston, South Carolina. The

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NYC Receives Grant from Regional Economic Council For Brownfield Grant Program

New York Brownfield Cleanup Program, NYC OER, oil spills, wetlands /

Empire State Development (ESD) recently announced $738 million in funds have been awarded through Round Two of the Regional Economic Development Council initiative.  Regional Councils were put in place in 2011 to redesign the state’s approach to economic development from a top-down model to a community-based, performance-driven approach. One of the awards is a $500K

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NYC Brownfield Grant Program Funding Hits Limit

environmental insurance, New York Brownfield Cleanup Program, NYC OER /

The NYC Brownfield Program has been a popular tool for moderately contaminated sites because of the streamlined approach that allows sites to complete remediation fairly quickly. Properties that are remediated through the NYC BCP receive a Notice of Completion, which includes New York City liability release, a statement from the NYS Department of Environmental Conservation

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1600 Homes Suffered Oil Spills Following Superstorm Sandy

environmental insurance, Navigation Law, oil spills, Underground Storage Tanks /

According to representatives of the New York State Department of Environmental Conservation (NYSDEC), approximately 1600 residential properties suffered oil spills following Superstorm Sandy. Most of the spills were the result of damaged heating oil tanks. More than 3000 oil spills were reported following Sandy for all categories of properties. NYSDEC performed emergency response such as

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EPA Revises “Comfort Letters” to Facilitate Renewable Energy Development on Contaminated Sites

Brownfields, CERCLA, Environmental Due Diligence, solar energy /

EPA has revised its three model letters that may be used by regional offices when drafting site-specific comfort/status letters for lessees involved in renewable energy projects on contaminated property. The letters are intended to provide lessees who are contemplating leasing property for a proposed renewable energy development  and request a comfort/status letter from the EPA. The letters describe the information

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