CHFA
The Colorado Brownfields Revolving Loan Fund (CBRLF) was established by the state in cooperation with local governments to finance approved cleanup activities for Brownfield sites. The program is operated by the Colorado Department of Public Health and Environment (CDPHE) through funds granted by the U.S. Environmental Protection Agency. Colorado Housing and Finance Authority (CHFA) is the fund manager for the program.
The CBRLF encourages the cleanup of unused or underused contaminated commercial properties by offering financing with reduced interest rates, flexible loan terms, and flexible collateral or security interests. As CHFA celebrates 50 years of strengthening Colorado, it is proud of the more than $23.7 million invested through the program.
Eligible uses of the CBRLF include cleanup actions associated with removing, mitigating, or preventing the release or threat of a release of a hazardous substance, pollutant, or contaminant. Loan funds may not be used for pre-cleanup environmental response activities, such as site assessment, identification, and characterization. Projects are eligible for application once the owner submits an approved clean-up plan through the CDPHE Voluntary Clean-up Program.
To learn more, please visit www.chfainfo.com
Funded Project: New Single-Family Development – Erie, CO
In 2023, CHFA approved a $2.45M CBRLF loan for a new single family housing development in Erie. A local real estate group purchased the property in 2015 with a plan to develop the land to construct 587 new homes. Funds from the CBRLF will be utilized to clean up and cap soils contaminated as a result of unregulated disposal of hazardous substances in the 1960s and 1970s.
