Indiana Brownfields Program Revolving Loan Fund Incentive

The Indiana Brownfields Program Revolving Loan Fund Incentive is administered by the Indiana Finance Authority as part of a broader statewide effort to support the redevelopment of brownfield properties. Brownfields are defined as underutilized properties where redevelopment is complicated by actual or potential environmental contamination. The program operates in partnership with the United States Environmental Protection Agency, which originally awarded funding to the Indiana Finance Authority in 2008 and has continued to provide supplemental funding, including through the Infrastructure Investment and Jobs Act. The fund is designed to provide flexible, low cost financial resources that enable both public and private entities to address environmental barriers to redevelopment. The primary purpose of the Revolving Loan Fund Incentive is to finance environmental cleanup activities that facilitate the reuse and redevelopment of contaminated properties across Indiana. The program offers both low interest loans and subgrants, with an emphasis on making projects financially feasible that would otherwise be stalled due to contamination concerns. Eligible cleanup activities include containment, treatment, or disposal of hazardous or petroleum contamination, excavation and removal of contaminated soils, and removal of source materials such as free product recovery. These activities are intended to reduce environmental risk and prepare sites for productive reuse, contributing to economic development and community revitalization. Funding is provided through a combination of federal EPA resources and required state cost share contributions. Loan terms are designed to be flexible and tailored to the needs of each project, with fixed interest rates ranging from zero to three percent and loan durations of up to twenty years. Repayment structures are negotiated individually and may include deferrals of principal and potentially interest payments for up to two years. For certain borrowers, specifically political subdivisions and nonprofit organizations, a portion of the loan may be forgivable. The forgivable portion is capped at the lesser of five hundred thousand dollars or fifty percent of the total loan amount, and is contingent upon the achievement of program approved redevelopment or economic development outcomes. Eligibility for funding includes Indiana political subdivisions, nonprofit organizations, and private for profit entities for loan financing, while subgrants are limited to political subdivisions and nonprofit organizations that own eligible brownfield sites. The program is statewide in scope, supporting projects throughout Indiana without sub state geographic limitations. Applicants must demonstrate that proposed activities address environmental contamination at eligible brownfield sites and align with program goals for cleanup and redevelopment. The application process is ongoing and operates on a rolling basis during the active grant period, which currently extends through September 30, 2028. Applications are accepted at any time and funding is awarded on a first come, first served basis until available funds are fully obligated. Interested applicants are directed to the Indiana Brownfields Program website to access application forms, guidelines, and supporting documentation. The process involves submission of required application materials detailing the site, proposed cleanup activities, and project financing needs. The program does not specify a fixed annual deadline or competitive cycle, but instead maintains continuous availability within the funding period. This structure allows applicants to align submission timing with project readiness. Contact information is provided for program coordination, including a designated contact at the Indiana Brownfields Program with a physical office location in Indianapolis, a phone number, and an email address for inquiries. The program is expected to continue issuing funding until the current EPA supported funding cycle concludes, with potential for future supplemental funding rounds depending on federal allocations.