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The main barrier to redevelopment is the cost of the remediation phase of a brownfield site and therefore, financial incentives should target the remediation company. Developers often categorize available financing by the speed at which they can access and receive the funding as opposed to the value of the funding.
In addition to the financial incentives that municipalities can provide, there are a number of funding programs that may be of assistance:
- Canada-Ontario Affordable Housing Program: Brownfields Initiative
Municipalities across Ontario are invited to submit proposals for affordable housing projects to be built on brownfield sites in their community. The funding will help pay for the clean-up of the brownfield sites and the construction of new affordable housing on the remediated sites. - Infrastructure Ontario
Infrastructure Ontario is a Crown corporation dedicated to the renewal of the province's hospitals, courthouses, and other essential public assets. Ensuring appropriate public control and ownership, Infrastructure Ontario uses alternative financing and procurement to rebuild vital infrastructure, on time and on budget. - Rural Economic Development Program
The Rural Economic Development (RED) program invests in projects that support sustainable rural communities and community partnerships. Revitalization of communities, which may include brownfields redevelopment, is a program priority. - Green Municipal Fund - Grant
The Green Municipal Fund (GMF), offered through the Federation of Canadian Municipalities, provides grants for brownfield studies and feasibility projects.
The Government of Canada has endowed FCM with $550 million for the Green Municipal Fund (GMF) of which $150 million is targeted to the remediation of brownfield sites. The GMF provides low-interest loans and grants, builds capacity, and shares knowledge to support municipal governments and their partners in developing communities that are more environmentally, socially and economically sustainable.
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