[CPEO-BIF] California Urban Cleanup Loan Program

[tonyc@cpeo.org]

There is an $85 million Urban Cleanup Loan Program being developed by
the California Dept. of Toxic Substances Control that will provide
financial assistance to developers, businesses, schools, and local
governments.  The description of the proposed program can be found in SB
667.  The Bill is authored by Sen. Byron Sher and has been "enrolled" to
the Governor as of 9/14/00.

The two main components of the program are:

1) "Investigating Site Contamination Program" It would provide
low-interest loans of up to $100,000 to conduct preliminary endangerment
assessments of underutilized urban properties. The loan would be repayed
over a two year period if the loan recipient decides to buy the
property.  Up to 75% of the loan amount can be waived by the state if
the property is determined not to be economically feasible to purchase.

2) "Cleanup Loans and Environmental Assistance (CLEAN) Program"
It would provide low interest loans of up to $2.5 million for the
cleanup or removal of hazardous materials at properites where
redevelopment is likely to have a beneficial impact on the property
values, economic viability and quality of life of a community.

To read the specific language in SB 667 go to:
http://info.sen.ca.gov/pub/bill/sen/sb_0651-0700/sb_667_bill_20000830_enrolled.html

(Note: Most of the description about the bill can be found about 3/4
down the page)

For more information about the proposed program call 916-324-0706

--

Tony Chenhansa,  Program Coordinator
Center for Public Environmental Oversight (CPEO)
425 Market Street 2nd Floor, San Francisco, CA  94105
ph: 415-405-7751 fx: 415-904-7765
e-mail: tonyc@cpeo.org
http://www.cpeo.org
A program of the San Francisco Urban Institute
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