Realtors & Developers
What Does the Grant Mean for You?
The Brownfields grant helps take the risk out of investing in Brownfields. Funds are available for Phase I and Phase II Environmental Site Assessments. Additionally, the completed Phase I assessment can open access to the State’s Voluntary Cleanup Program and Loan Fund.
The Voluntary Cleanup Program may be able to help limit your liability for cleanup of contamination discovered on a brownfield property you’d like to purchase and develop. This limitation of liability may in turn help satisfy banks’ and lenders’ requirements and allow disbursement of your development funding to be approved. Additionally, the property may qualify for state or federal tax credits.
The resources below may be available to help assess, cleanup, and redevelop Brownfields within the city. Contact us at 864-467-4428 for more information.
The City may be able to provide assistance with Phase I and II assessments. Priority parcels are those located in the West Side, or that are likely to be redeveloped within a year.
Brownfields Cleanup Revolving Loan Fund
For nonprofit borrowers, 25% of a loan up to $100,000 may be forgiven. For-profit borrowers may be eligible for loans at below market interest rates. This fund requires the applicant be a Non-Responsible Party with a Voluntary Cleanup Contract.
EPA Cleanup Grants
The EPA periodically offers competitive grants for up to $200,000 for cleanup. Only Non-Responsible Parties are eligible.
South Carolina Abandoned Building Tax Credit
This credit is available for commercial buildings that are at least 66% abandoned for 5 years. The tax credit is equal to 25% of the cost of rehabilitating property against either state income taxes and corporate license fees, or property taxes. Contact us or call the South Carolina Department of Revenue at 803-898-5557.
South Carolina Brownfields Tax Credit
This tax credit is up to $50,000 per year, with a 10% bonus in the final year of cleanup. Call the South Carolina Department of Revenue at 803-898-5557.
Voluntary Cleanup Program
This program entails a Voluntary Cleanup Contract (VCC) with SCDHEC, and it may be able to help limit your liability for cleanup of a brownfield property. A VCC provides the most benefit when it is entered prior to property acquisition, and it can detail the Phase II work to be completed. Additionally, the following federal tax credits may be used to help fund brownfield redevelopment
- New Market Tax Credit
- Low Income Housing Tax Credit
- Historic Rehabilitation Tax Credit