Summary: H.R.3844 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.3844. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/10/1994)

Brownfield Cleanup and Redevelopment Revolving Loan Fund Act - Directs the Administrator of the Environmental Protection Agency to establish a program to provide capitalization loans to States to establish or expand a State revolving loan fund for purposes of providing loans for voluntary environmental cleanups of eligible facilities.

Defines "eligible facilities" as facilities or property that are determined by a State to have environmental contamination that: (1) could prevent the timely use, development, or reuse of the facility or property; and (2) is limited in scope and can be comprehensively and readily evaluated.

Sets forth loan application requirements, including: (1) evidence that the State is carrying out a voluntary cleanup program for eligible facilities and will provide a matching share of at least 20 percent of the costs of such cleanup from either new or existing sources of State funding; (2) a description of the State's proposed revolving loan program and capability to manage the program; and (3) a statement that the State will begin repayment of the loan within five years (and evidence of the State's ability to repay) and that a loan from the revolving loan fund will not be used to pay for new construction, environmental fines or penalties, or for speculative assessments or rehabilitation at facilities with little or no potential for economic development.

Directs the Administrator to determine the distribution of funds among the eligible States. Limits the amount of a capitalization loan made by the Administrator under this Act to a State to 15 percent of the amount available each year to all the eligible States.

Authorizes appropriations.