Tom Barry 781-928-1100 x106

Program Description…

“Brownfields” are real properties for which the expansion, redevelopment or re-use may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant.” – U.S. EPA

Under Chapter 206 of the Acts of 1998, the Commonwealth of Massachusetts enacted broad legislation to promote the environmental cleanup and redevelopment of Brownfields sites across the state. The Brownfields Redevelopment Access to Capital Program (BRAC Program) was created as part of that legislation.

The BRAC Program makes high quality, state-subsidized environmental insurance available to most parties who wish to purchase, clean up and develop Brownfields sites anywhere in the Commonwealth. Often, lenders who finance eligible projects can also obtain subsidized protection through the program.

Under the BRAC Program, the extraordinary environmental risks normally associated with Brownfields redevelopment projects can be cost-effectively mitigated, helping to make these projects more economically viable and facilitating greater access to traditional sources of loan & investment capital.

Why Brownfields…?

For the Commonwealth of Massachusetts, supporting Brownfields redevelopment just makes sense. Improved public health and welfare through the cleanup of contamination, the elimination of blight, the promotion of sustainable development and the preservation of “Green Space” are just a few of the reasons for the Commonwealth’s support of Brownfields redevelopment. Not to mention the restoration of idled or under-utilized properties to productive (taxable) use, the creation of expanded employment opportunities at restored facilities and the investment of significant private sector capital in re-development projects all around the state. It’s clear why Massachusetts supports brownfields redevelopment.

Getting Results…

Since 1999, over 300 Brownfields sites across Massachusetts have been cleaned-up and redeveloped with assistance of more than $1 billion in insurance provided in connection with the BRAC Program. The Commonwealth of Massachusetts has contributed well over $6 million to reduce the cost of this insurance for qualified sites, encouraging the private-sector expenditure of nearly $200 million in environmental cleanups and nearly $4 billion in private-sector expenditure for redevelopment of these sites. Commercial and industrial facilities restored and developed with assistance from the Program have created some 25,000 new jobs across the state and have supported the development of over 3,000 units of new housing, much of which is classed as “Affordable”.