WASHINGTON, DC -- In an effort to cleanup contaminated land and boost economic investment in low-income neighborhoods, U.S. Senator Jack Reed (D-RI) today introduced the Brownfields Economic Development Act to modify the Department of Housing and Urban Developments existing Brownfields Economic Development Initiative (BEDI) program. The bill would authorize $50 million for the BEDI program and make it more accessible to small communities of 50,000 people or less. "This legislation will make more federal money available for economic development of brownfields," said Senator Reed. "By redeveloping brownfields we can revitalize neighborhoods and provide new opportunities for economic growth and job creation." Brownfields are abandoned, idled or under-used commercial properties where expansion or redevelopment has been slowed or prevented because of contamination and cleanup costs. As a member of the Senate Banking Committees Subcommittee on Housing Opportunity and Community Development, Reed played an integral role in the development and continuation of the Brownfields program, which is a joint effort between the EPA and HUD. Currently, to be eligible for a Brownfields Economic Development Initiative grant, a community must apply for an economic development loan guarantee and pledge their Community Development Block Grant (CDBG) funds as partial collateral for the loan guarantee. This requirement is a barrier to many local communities that need assistance to revitalize brownfields. States and communities do not want to risk the loss of CDBG funds if there is a default on the loan. Despite the growing need for economic development assistance for brownfields redevelopment, each year the number of applications that HUD receives remains less than 50. In comparison, EPA received 1,200 applications this year for brownfields projects. Allowing HUD to make BEDI grants independent of economic development loan guarantees would make the program accessible to more communities. "Brownfields can be a win-win situation when communities take advantage of it," concluded Reed. "Rhode Island has done a great job in starting to clean up these abandoned properties. This legislation will enable even more of our cities and towns to have access to brownfields redevelopment grants."Reed introduced the bill along with Senators Carl Levin (D-MI) and Elizabeth Dole (R-NC).