The American Recovery and Reinvestment Act (ARRA) is being scrutinized on every level, and the overall assessment is that the bill is good for green. From production tax credits to grants, weatherization to infrastructure investment, money is there to be received but you have to work quickly, and through the proper processes, to receive the funding. Watch for tight timelines and meet the dates!
Some programs are being implemented by the Department of Energy. On Thursday Energy Secretary, Steven Chu, announced he intends to streamline the process by which the Energy Department distributes funding, with the goal of dispersing 70 percent of its funds from the ARRA by the end of 2010. He is naming Matt Rogers as a senior adviser to implement the new department reforms which include rolling out appraisals of applications for loan guarantees, rather than waiting for the application deadline to evaluate them. He said that the loan application forms will be simplified and the department will speed up loan underwriting by using outside partners. The Treasury Department is also tasked with crafting regulations to implement the stimulus funding.
Specifically for Indiana, you should know the process for the:
Indiana Brownfields Program - Contact a Petroleum Remediation Grant consultant in your region. A potential project list will be compiled by March 4, 2009. Right now the list is focused on petroleum contaminated sites, however the program may be able to open site consideration to hazardous substances as well.
Indiana State Revolving Fund - Drinking Water and Wastewater programs. The Indiana Finance Authority (IFA) will be provided approximately $94 million to fund wastewater infrastructure projects and about $26 million to fund Drinking Water infrastructure projects. The IFA created the SRF Loan Program Recovery Loan and Grant Program. All standard SRF Loan Program requirements apply. Fixed rate loans (20- year terms) and grants are available. Make sure that your community has completed a Preliminary Engineering Report and have it filed with the SRF Loan Program by March 13, 2009.
As always think about where the remainder of the financing is going to come from. For instance, if you are applying for the 30 percent Department of Energy grant for eligible wind, biomass, geothermal and solar plants, make sure that you have a plan in place to fund the remaining 70 percent. Start talking with your investment and private equity team to craft the entire package.
Some programs are being implemented by the Department of Energy. On Thursday Energy Secretary, Steven Chu, announced he intends to streamline the process by which the Energy Department distributes funding, with the goal of dispersing 70 percent of its funds from the ARRA by the end of 2010. He is naming Matt Rogers as a senior adviser to implement the new department reforms which include rolling out appraisals of applications for loan guarantees, rather than waiting for the application deadline to evaluate them. He said that the loan application forms will be simplified and the department will speed up loan underwriting by using outside partners. The Treasury Department is also tasked with crafting regulations to implement the stimulus funding.
Specifically for Indiana, you should know the process for the:
Indiana Brownfields Program - Contact a Petroleum Remediation Grant consultant in your region. A potential project list will be compiled by March 4, 2009. Right now the list is focused on petroleum contaminated sites, however the program may be able to open site consideration to hazardous substances as well.
Indiana State Revolving Fund - Drinking Water and Wastewater programs. The Indiana Finance Authority (IFA) will be provided approximately $94 million to fund wastewater infrastructure projects and about $26 million to fund Drinking Water infrastructure projects. The IFA created the SRF Loan Program Recovery Loan and Grant Program. All standard SRF Loan Program requirements apply. Fixed rate loans (20- year terms) and grants are available. Make sure that your community has completed a Preliminary Engineering Report and have it filed with the SRF Loan Program by March 13, 2009.
As always think about where the remainder of the financing is going to come from. For instance, if you are applying for the 30 percent Department of Energy grant for eligible wind, biomass, geothermal and solar plants, make sure that you have a plan in place to fund the remaining 70 percent. Start talking with your investment and private equity team to craft the entire package.
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