Brownfields Cleanup Revolving Loan Fund
For nonprofit borrowers, 25% of a loan up to $100,000 may be forgiven. For-profit borrowers may be eligible for loans at below market interest rates. This fund requires the applicant be a Non-Responsible Party with a Voluntary Cleanup Contract. More information is available on the Catawba Regional Council of Government's website.
EPA Cleanup Grants
The EPA periodically offers competitive grants for up to $200,000 for cleanup. Only Non-Responsible Parties are eligible.
South Carolina Abandoned Building Tax Credit
This credit is available for commercial buildings that are at least 66% abandoned for 5 years. The tax credit is equal to 25% of the cost of rehabilitating property against either state income taxes and corporate license fees, or property taxes. Call the South Carolina Department of Revenue at 803-898-5557.
South Carolina Brownfields Tax Credit
This tax credit is up to $50,000 per year, with a 10% bonus in the final year of cleanup. Call the South Carolina Department of Revenue at 803-898-5557.
Voluntary Cleanup Program
This program entails a Voluntary Cleanup Contract (VCC) with SCDHEC, and it may be able to help limit your liability for cleanup of a brownfield property. A Non-Responsible Party VCC provides the most benefit when it is entered prior to property acquisition, and it can detail the Phase II work to be completed. Additionally, the following federal tax credits may be used to help fund brownfield redevelopment
- New Market Tax Credit
- Low Income Housing Tax Credit
- Historic Rehabilitation Tax Credit