Loan Program to Help 3 Cities with Brownfields

Loan Program to Help 3 Cities with Brownfields
Created by djackson on 5/4/2014 9:19:36 AM

CROWN POINT, Ind. (AP): A regional development authority has set up a revolving loan program to assist the cities of Gary, East Chicago and Hammond in northwest Indiana clean up old industrial sites.

The Times of Munster reports ( Northwest Indiana Regional Development Authority is setting up a fund that will make $800,000 available to the cities.

The brownfield revolving loan will offer small loans to cover the up-front costs for cleanups to try to attract more economic development to those cities. The city pays back the loan, allowing the RDA to restore the $800,000 for future use.

RDA communication director David Wellman says the new brownfield redevelopment program should begin this summer.

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