Private Funding Sources

Community Reinvestment Act - The Community Reinvestment Act, enacted by Congress in 1977, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.

Foundations - Foundations are non-profit organizations, generally created by philanthropists through endowments. They are created to maintain or enhance the natural environment. This broad terminology can cover a wide range of topics including research, community outreach and education, site-specific clean-up projects, and land reuse. While some foundations are focused on a particular geographic area, others are designed to provide assistance on a much larger scale. For example, the Joyce Foundation supports initiatives to change public policies regarding the Great Lakes region. While other foundations, such as, the Rockefeller Family Fund provides grants only to those agencies that are trying to impact the environment on a national level.

Land Reclamation Banks - Land reclamations are publicly funded or capitalized trust funds that actively acquire, manage, assess, cleanup, and develop properties, including brownfields, on behalf of a State or local government. These banks may be financed in several different ways.These can include tax-increment financing, land transfer taxes, land registration fees, and property sales and leases. Land reclamation banks may take title to properties via tax foreclosure, eminent domain, or purchase. Once properties are cleaned up and developed, the bank sells or leases them to generate income for future development projects.

Land reclamation banks combine planning, financing, management, cleanup, and redevelopment functions in a single organization allowing local efforts to be focused. Land reclamation banks may elect to assume environmental and financial liability risks that the private sector is unwilling to bear.

Land Recycling Companies - Land Recycling Companies are 501(c)(3) non-profit organizations that seek to provide an innovative and energetic response to the problems of potentially contaminated brownfields properties that affect communities across the country. These organizations identify brownfields properties, serve as information clearinghouses, and seek to bring together members of the communities, government agencies, financial institutions, and the other private parties necessary to make brownfields redevelopment work. Land Recycling Companies may also help finance brownfields assessment and cleanup activities. These types of companies can bring innovative and flexible approaches to brownfields assessment, cleanup, and redevelopment. They offer the opportunity to leverage not only their own environmental expertise and financial resources, but also the public and private resources that they may attract to specific brownfields projects.

 

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