Content Information
Provides state tax credits to redevelop underused or abandoned buildings, or properties with environmental challenges. The state income tax credit is up to 30% of the qualified costs with total project awards of up to $1.5 million.
Brownfield sites are abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment. Examples of brownfield sites include former gas stations, dry cleaners and other commercial operations that may have utilized products or materials potentially hazardous to the environment.
Tax credits of up to 24% of qualifying costs of a brownfield project and up to 30% if the project meets green building requirements.
Grayfield site is an abandoned public building or industrial or commercial property that meets these requirements:
The property’s infrastructure is outdated or prevents efficient use – site is vacant, blighted, obsolete, or otherwise underutilized.
Property improvements and infrastructure are at least 25 years old AND one or more of the following conditions exists:
At least thirty percent of a building located on the property is available for occupancy and has been unoccupied for at least a year.
The assessed value of property’s improvements has decreased by at least 25 percent.
The property is used as a parking lot.
Improvements on the property no longer exist.
Tax credits of up to 12% of qualifying costs of a Grayfield project and 15% if the project meets green building requirements. $15 million annually
Eligible applicants include for-profit and nonprofit developers.
Annual competitive application round