The Northern Kentucky Area Development District administers a brownfield revolving loan fund (BRLF) program using grant funds from the Environmental Protection Agency. The BRLF program finances the cleanup of brownfield sites to assist the redevelopment of these properties into viable and sustainable businesses or residences to stimulate the economy as well as better the health and vitality of the environment. EPA awarded NKADD a total of $850,000 in RLF grant funds.
In 2014, NKADD received $600,00 from the EPA to fund the Brownfield Assessment Program. This program funds 100% of the assessment costs for sites with potentially contaminated hazardous substances. Property owners in Bellevue, Dayton, Newport, Wilder, Covington, Ludlow, and Taylor Mill are eligible for these grant funds.
- Loans - The Loan Fund Committee, upon review and evaluation of the loan application, sets the interest rate and repayment terms. Cleanup projects can vastly range in price so no minimum or maximum lending amount has been set. However, it is a priority that redevelopment be dispersed throughout all eight counties and assist sites that are most likely for successful redevelopment.
- Subgrant - NKADD may subgrant up to 50-percent of its grant award. Applicants may request up to $50,000 for a single site. Grant recipients must provide a 50-percent match with 20-percent cash or in kind. The remaining can be in cash or a loan through the BRLF program.
The RLF can serve all communities within the eight county Northern Kentucky region, which includes: Boone, Kenton, Campbell, Owen, Carrol, Grant, Gallatin, and Pendleton.
Loans - Any public or private entity who owns or is a prospective purchaser of contaminated property and is not responsible for the site contamination may borrow BRLF funds for cleanup. Applicants must demonstrate compliance with the EPA Rule on All Appropriate Inquiries.
Subgrants – Recipients must be either a governmental, quasi-governmental, or non-profit organization who owns the contaminated property and is not responsible for the site contamination. Applicants must demonstrate compliance with the EPA Rule on All Appropriate Inquiries.
Application DeadlineNKADD accepts BRLF requests year round on a “first-come, first-served” basis for as long as the funds remain available. Depending upon the complexity of the project, the process to review and approve a loan or subgrant application takes about 60-90 days.