Properties that sit untouched because of their real or perceived contamination can be rehabilitated using our Brownfields Program along with the Voluntary Cleanup Program.
- Environmental site assessments.
- Tax credits.
- Revolving loans.
- Up to $250,000 a year in statewide project funding.
By giving a more accurate picture of the extent of site contamination (or lack thereof), the Brownfields Program helps communities revitalize land perceived to be a drain on the local economy.
- The program is available for public and nonprofit groups interested in better understanding the environmental issues potentially hindering redevelopment of property.
- With the assistance of qualified contractors, we conduct an environmental assessment using record research, sample collection and analysis.
- Preferential assistance is given to groups who already have redevelopment goals in place for a specific site and where those goals provide a clear public benefit (e.g., job creation, enhancement of the tax base, creation of a public amenity).
Revolving Loan Fund
- As a public-private partnership, the Colorado Brownfields Revolving Loan Fund encourages the cleanup of unused or underused contaminated properties by offering financing with reduced interest rates, flexible loan terms and flexibility in acceptable forms of collateral.
- The fund also can provide cleanup grants to qualifying local governments and nonprofits.
- All cleanups financed through the fund must have previous approval under the Voluntary Cleanup Program.
- The Colorado Housing and Finance Authority serves as financial manager for the Revolving Loan Fund, but doesn’t vote on where to allot the fund.
Senate Bill 14-073 reinstated the Colorado Brownfields tax credit for qualifying entities that perform environmental remediation associated with capital improvements or redevelopment projects.
- Colorado Brownfields tax credit notification requirements.
- Voluntary cleanup and no action determination application format.
Colorado also offers financial incentives in the form of grants for cleaning up contaminated land where there’s no other federal or state program that can accomplish the cleanup. House Bill 00-1306 provided for limited state authority to use $250,000 annually for such cleanup, which is designed to protect human health and the environment and to enhance the redevelopment potential of these properties.