Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM
Subpart B - BROWNFIELDS REDEVELOPMENT LOANS
Section 886.200 - Scope and Availability of Loans
Current through Register Vol. 48, No. 38, September 20, 2024
a) The Agency shall establish and administer a revolving loan program to be known as the "Brownfields Redevelopment Loan Program" for the purpose of providing loans to be used for site investigation, site remediation, or both, at brownfields sites. (Section 58.15(a) of the Act)
b) Loans shall be at or below market interest rates in accordance with a formula set forth in this Part. (Section 58.15(b)(1) of the Act)
c) Loans shall be awarded subject to availability of funding based on the order of receipt of applications satisfying all requirements as set forth in this Part. (Section 58.15(b)(2) of the Act)
d) In addition to any other requirements or conditions placed on loans by this Part, loan agreements shall include the following requirements:
e) Repayment of loans shall commence within 12 months after the initial disbursement of funds by the Agency.
f) Loan recipients may use up to 10% of borrowed funds for administrative costs as defined in the loan agreement.