MI HB6162

Creates a brownfield redevelopment grant and revolving loan program administered by the Department of Environment, Great Lakes, and Energy to fund eligible activities at contaminated or suspected contaminated properties with redevelopment potential.

Establishes maximum grant and loan limits of $2,000,000 per recipient per year, with eligibility for multiple grants or loans across fiscal years if projects demonstrate significant economic and environmental benefit and meet project-specific benchmarks.

Defines eligible activities including baseline environmental assessments, investigations, remediation, underground storage tank removal, hazardous material removal, demolition, and removal of contaminated sediments from lakes or rivers.

Requires applicants to be local units of government and demonstrate administrative capability, successful audits within 24 months, and proposed projects with measurable economic and environmental benefits that comply with state laws and local zoning.

Establishes loan terms with interest rates capped at 50% of prime rate and repayment schedules between 5-15 years, with provisions allowing loan renegotiation upon showing of financial hardship related to the financed project.