Assembly Panel Approves Measure to Provide No-Interest Loans for Site Remediation

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TRENTON – A bill that would provide funding to help local governments clean up contaminated properties has received approval from the Assembly Environment and Solid Waste Committee

The bill (A-3167) would authorize the New Jersey Economic Development Authority to provide a no-interest loan to a municipality, county or redevelopment entity for up to 25 percent of the cost of a remedial action in a Brownfield development area.

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The loans would come from the state’s Hazardous Discharge Site Remediation Fund and be repayable over a period not to exceed 10 years.  The state currently has 31 sites designated as Brownfields redevelopment areas that would qualify for funding under this bill.  Altogether, the sites total 3,290 acres.

The bill is scheduled to be voted on by the full Assembly on Monday.


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