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How Amendments to the NYS Brownfield Cleanup Program will Affect Affordable Housing Developments

 

The New York State Brownfield Cleanup Program (BCP) was created in 2003 to incentivize private-sector remediation and promote brownfield redevelopment for the revitalization of economically blighted communities. In recent years, the program has become crucial in closing funding gaps for affordable housing projects, with BCP tax credits becoming acceptable equity for syndicators. Instead of avoiding contaminated properties, affordable housing development teams are seeking them out in hopes of being eligible for the BCP.

Significant amendments to the BCP were made with the passage of the NYS budget on April 9, 2022, which will almost certainly affect affordable housing brownfield redevelopment. 

Quick Facts About These Amendments

About the Author
Jennifer Gillen, PG
Vice President, Environmental Operations Manager

Jen has over 12 years of experience at LaBella and has held various roles including the Phase I ESA program manager, the Phase II ESA program manager and the Brownfield Remediation Program Manager. In addition to working on hundreds of Phase I and II ESAs throughout her career, she has managed numerous projects in the NYSDEC Brownfield Cleanup Program (BCP) and coordinated frequently with other leaders at LaBella to provide a comprehensive suite of services to her clients.

About the Author
Richard Kampf, PG, LEP
NYC Regional Manager

Richard is the Regional Manager for the New York City office. He is a Professional Geologist with 20 years of experience providing environmental consulting, due diligence, risk management, and real estate advisory services in connection with environmental investigations, remediations, and risk management strategies. His clients include developers, real property owners and investors, Fortune 100 companies, municipalities, regulatory agencies, and attorneys. Richard’s proven success in providing cost-beneficial value-added services is rooted in his commitment to achieving client objectives, his practical approach to environmental risk management, and his creative leadership.