Wednesday, October 04, 2006

Smart Growth Financing

ParkLoans 75% Below Market Rate!

From the NJ Environmental Infrastructure website:

To encourage development in urban areas and preserve open space, the Environmental Financing Program (EIFP) offers a special low-rate loan for qualifying Smart Growth projects. The current rate is only 1.07%!

Under a regular EIFP loan, 50 percent of the loan is from zero interest State Revolving Funds and 50 percent is funded through a market-rate Trust loan (50/50 split). By combining the funds, program participants’ loans are half the market rate.

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