House Overwhelmingly Passes New Brownfields Bill in Big Bipartisan Vote

WASHINGTON - Dec. 1, 2017 - PRLog -- Yesterday, Thursday November 30, the U.S. House of Representatives passed H.R. 3017 409(Y):8(N) to amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to reauthorize and improve the brownfields program, and for other purposes. This bill is better known as "The Brownfields Enhancement, Economic Redevelopment, and Reauthorization Act of 2017" (Brownfields ERRA).

After a short morning conference, the House moved quickly to a decisive floor vote on Brownfields ERRA. The new brownfield bill sets funding levels at $200 for the brownfield program as well as an additional $50 million set aside for state response program funding each year. The bill would also modify the law to increase the amounts awardable to successful grant applicants (up to $750,000). It would also create multi-purpose grants of up to $1 million, giving greater resource and enhanced flexibility to tackle some of the bigger, badder brownfields burdening the land in today's high cost environment. Importantly, should it become law, the bill would also strengthen liability protection for local governments as well as afford greater liability protection for lessees on brownfield sites.

Perhaps the biggest potential game changer in the bill is an expansion of eligibility. H.R. 3017 would expand EPA brownfield program eligibility to §501(c)(3) nonprofits & §45D(c)(1) community development entities, which will undoubtedly open up new possibilities for land banks and community development corporations. To compete and win the highly competitive brownfield grant competition, which in recent years has been stiff enough to not issue awards to applicants with perfect scores, these newly eligible public sector entities will need the support and buy in of other local stakeholders and governments. So, this new approach will provide another major public incentive for local and regional cooperation by encouraging greater public private partnership—giving "P3" possibilities a big and potentially timely boost.

Brownfield Listings CEO, Dan French, said: "It's heartening to see Congress move together in unison on such a vital and successful program like brownfields." Unsurprised by the bipartisan support, French noted that the brownfields program has always enjoyed nearly unanimous support and several brownfield bills have sailed through Congress completely unopposed. "Everybody who looks at it loves brownfields," he said. "It the ultimate bottom up program that is locally controlled, hugely stimulative and creates all these non-financial goods that ripple throughout the community."

"The fact that it more than pays for itself doesn't hurt either," he added.

The brownfield program has a long history of success and bipartisan support; in large part because the program is so revenue positive. It generates a tremendous amount of activity in the market by rescuing real estate stuck in "brownfield limbo." The brownfield program often funds linchpin projects that pull the brownfield string tying up an area's development and holding back its potential. With a leverage ratio of nearly $18:1, which can unlock huge sums of capital to find its way into a brownfield project, the enormously catalytic program mostly flows public money through to locally controlled projects. Brownfield redevelopment can also raise the value of properties up to a mile away, sometimes more.

But far beyond the financial benefits, the environmental and health gains are worthwhile by themselves. Though focused on repairing the built-environment and restoring nature, brownfield redevelopment also has a direct impact on the social and civic function in a community. The results achieved by the EPA brownfield program are a match for any strictly civic or social program.

The Brownfields Enhancement, Economic Redevelopment, and Reauthorization Act of 2017 (Brownfields ERRA) could be the next major step forward in the modern brownfield era, which is sweeping over the land in a restorative wave of real estate redevelopment, economic revitalization and environmental repair.

Read more about brownfield redevelopment ROI with studies, data and links to more here: https://brownfieldlistings.com/blog/post/brownfield-redevelopment-roi--orders-of-magnitude

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