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. Here are some quick facts about these amendments: