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 -
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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