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. Since 2001, CHFA has invested more than $21 million 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: Stanley Marketplace – Aurora, CO
In 2017, CHFA provided a $744,000 CBRLF loan for the redevelopment of the former Stanley Aviation plant in Aurora. The building had previously operated as a mid-century airplane ejection seat factory. A local real estate group purchased the property in 2014 with a plan to transform the former 144,000 square foot factory and airplane hangar into a food hall and marketplace for small businesses. Funds from the CBRLF were utilized to remediate chemically contaminated soils, landfill debris, regulated asbestos-contaminated soil disturbances, and contaminated groundwater. Today, Stanley Marketplace is a thriving commercial space, home to more than 50 small, independently owned businesses including restaurants, retail stores, fitness centers, and event venues.