More often than not, environmental cleanups pose a significant financial challenge for clients. At Norfolk, we have found it helpful to meet with clients and stakeholders to help them identify and pursue the best financing options available. From state brownfields tax credits and federal tax deductions to UST reimbursement funds and insurance policies, Norfolk can help you find the funding best suited to you and your project. If a loan is what you need, Norfolk can help explain the situation to your financier to take some of the uncertainty out of lending.
Some examples of how we work with our clients include;
Norfolk recently helped the owner of a former gasoline station petition for reinstatement of eligibility for 1.5 million dollars in reimbursement funds.
We have helped municipalities identify, pursue, and receive millions of dollars in grants.
An elderly homeowner was faced with cleaning up a serious home heating oil spill. She had exhausted all funding options but was ineligible for "financial inability" status from the state and had been denied a bank loan. Norfolk worked with her bank to quantify the financial risks and structure the cleanup project such that she could tap the equity in her home to clean up the property.
Several of our clients who have financed their cleanups "out of pocket" have been pleasantly surprised to find that they could recover 25 to 50% of their cleanup costs through tax credits.
When a client had a leak from a gasoline tank, their insurance carrier initially denied coverage. Norfolk worked with the client, insurance agent, and attorney to provide supporting justification for the claim, such that the insurance carrier agreed to provide coverage, saving the client nearly $100,000.
If you have questions about how to pay for your environmental cleanup or if you have already paid for an environmental cleanup and would like to find out if you might be eligible for a tax credit, please contact Jon Kitchen at (508) 747-7900 x154.
You can also read more about our site remediation and brownfield redevelopment services by following the links.
Norfolk is an environmental consulting and engineering firm which provides technical advice on the cleanup of hazardous waste sites. While Norfolk helps clients identify funding we do not provide tax, legal, or financial advice.
Find out if you qualify for a Brownfields Tax Credit!
The Executive Office of Housing and Economic Development has announced that it has made available the application materials for its latest round of the MassWorks Infrastructure Program.
The program is a consolidation of six former grant programs and provides public infrastructure financing to support economic development and job and housing creation. This includes transportation improvements in small, rural communities, mixed use developments, and redevelopment of previously developed sites. All the relevant materials regardind the program are available at www.mass.gov/hed/massworks
The submission period for grant application runs between August 27 and September 10, 2012, so there is still plenty of time to put together an application. The grant award decisions will be made by the end of October. Last year's program awarded grants to 42 communities throughout Massachusetts; projects that are set to begin construction this spring.
If you have questions about the MassWorks Infrastructure Program or how it could apply to you or your organization, please contact Mark Bartlett at (508) 747-7900 extension 131.
Last March we blogged about the need for careful soil management at redevelopment sites, including the pitfalls of dealing with RCRA wastes. This month the Massachusetts DEP has released written guidance relative to one aspect of the management of RCRA waste; the state management of the federal “contained-in” policy. This policy allows for certain low concentrations of RCRA “listed” waste to be treated as non-hazardous under very specific circumstance. It is a tool that has the potential to achieve substantial savings at sites where management of RCRA waste is required (e.g. dry cleaners and former plating or jewelry manufacturing facilities). A link to the DEP Technical Update is provided here.
If you have questions regarding soil management or brownfields redevelopment please contact Jon Kitchen at (508) 747-7900 x154
In Massachusetts, environmental clean-up of some brownfields sites can receive as much as a 50% refund in the form of a tax credit. Learn about the Brownfields Tax Credit and find out if you qualify!