Brownfields Revolving Loan Fund
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Description
A Cooperative Agreement (CA) with EPA governs CVRPC’s activities to set up the fund and initiate a first set of remediation projects. The grant performance period is 05/16/2025 - 09/30/2030. During this term, CVRPC is obligated to issue at least $720,000 of loan funds. Aside from this dollar amount, the exact number of projects and dollar value of loans and grants is subject to proposals received. In addition to the interest income received from the RLF loan balance, CVRPC has $20,000 to commit to covering all underwriting and servicing costs. RLF grant funds disbursed from EPA to CVRPC must be hosted in an interest-bearing and insured account unique to CVRPC’s current Cooperative Agreement with EPA under the terms of the Cooperative Agreement. Following closeout of the Cooperative Agreement, the RLF will continue under the direct management of CVRPC with reduced oversight by EPA (though supplemental EPA funding to the RLF with associated requirements may be provided at any time). During the Cooperative Agreement term, only projects in all 20 municipalities of Washington County and three municipalities of Orange County (Williamstown, Orange and Washington) will be eligible for funding, but upon closeout of the initial CA, projects across the entire state of Vermont will be eligible for RLF funding. Cleanup projects participating in the RLF will be funded by a variety of sources, including grants from the EPA, the State of Vermont, or its assignees, from property owners and prospective purchasers, and other funding sources to be determined. Note that the CVRPC does not own any of the properties which would receive loan and subgrant funds, and generally CVRPC will not seek such ownership except in extreme circumstances.