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AETI RESIDENTIAL FUNDING / FINANCING
Sources of assistance when you're investing in clean-up
If you have or suspect you have a leaking storage tank or contaminated site, you know you have to clean it up. However
you may not have the budget in place to make it happen, especially when costs are driven up by unforeseen site conditions.
Many states recognize the difficulties properties owners face in trying to do the right thing and cover what can be significant
costs of clean-up, and offer funding to off-set costs.
AETI can help you identify funding options. For example, the Commonwealth of Virginia has established the Virginia Petroleum Storage Tank Fund (VPSTF) to pay for the cleanup of contaminated soil and groundwater. The fund is administered by Department of Environmental Quality (VDEQ) and the primary revenue source is a state fee of one-fifth of one cent per gallon on regulator petroleum products, including gasoline, aviation and motor fuel, diesel fuel, kerosene, and heating oil sold in Virginia.
The purpose of the fund is to provide reimbursement for eligible owners/operators for cleanup costs in connection to petroleum storage tank release and for costs incurred for third party bodily injury and property damage. When eligibility for the Fund can be established, AETI will finance all or portions of the corrective action activities required by the VDEQ.
AETI understands the rules and regulations of the VPSTF fund, which means that we can help you save thousands of dollars in assessing and cleaning up contaminated sites.
Are you eligible for this fund?
To be eligible for the reimbursement fund, you must be the owner or operator of the underground or aboveground storage
tank, or a person assuming liability for the cleanup site, or a lender agreeing to conduct a cleanup. Responsible person(s) may request
reimbursement for corrective actions costs and third party liability claims. Aboveground storage
tank owners/operators may request reimbursement of corrective action costs for discharge of a product. Tanks that are eligible
for reimbursement must have the following types of underground storage tanks and aboveground storage tanks:
- Regulated underground storage tanks containing petroleum (gasoline, diesel,
kerosene, heating oil, and waste (used) oil, underground storage tanks with
a capacity of 1,100 gallons or less which contain gasoline or diesel fuel
for residential or farm use.
- Underground storage tanks used for storing heating oil for consumption on
the premises.
- Underground storage tank system that contains petroleum for operational purposes
such as hydraulic lift tanks.
- 110 gallon or less underground storage tank system.
- Aboveground storage tanks with a maximum storage capacity of 25,000 gallons
or more.
- Unregulated aboveground storage tanks with a storage capacity of less than
25,000 gallons.
- Small heating oil aboveground storage tanks with a capacity of 5,000 gallons
or less containing heating oil for consumption on the premises..
Requirements for fund eligibility may vary from state to state. Please check with your local and state regulatory agencies to
obtain detailed information.
How can this fund help you?
Under regulations issued by the United States Environmental Protection Agency (USEPA), underground storage tanks
installed before December 22, 1988, must be protected against corrosion, spills and overfills. Unprotected underground storage
tanks must be upgraded, replaced or removed. Property value for commercial and residential property is adversely affected by
the existence of leaking underground and aboveground storage tanks. If you intend to sell the property, there is a strong
likelihood that either the buyer or the mortgage provider will require that the tank be removed and soil around the tank be
tested for possible leaks. The following are some of the ways in which the Fund can assist commercial property owners:
- Meet Federal, State and local regulatory compliance for underground storage
tanks and aboveground storage tanks.
- Protect human health and environment.
- Restore your property/land value.
- Sell or refinance your property.
- Financial assistance up to $1 million.
- Avoid costly fines.
How can AETI help you determine eligibility and finance the cleanup?
We can help you determine whether or not you're eligibility for the fund. If you are eligible for reimbursement, you
may qualify for financial assistance for our services. We have a great deal of experience in reimbursement claim processing and work
closely with several lending institutions to help with the often high cost of environmental compliance.
Don't wait to upgrade your underground storage facilities: you can update your tank by adding spill, overfill, and corrosion
protection; you can replace your old tank with a new unit with spill, overfill, and corrosion protection; or you can remove the
storage facility all together. Monetary fines are often issued to owners/operators who fail to meet federal and state regulations and it is
often difficult to sell or refinance a contaminated/non-compliant property.
Find out if you qualify for the Virginia Petroleum Storage Tank Fund and other cost recovery programs.
Call us at 571-333-2640 or Email us at:
info@aeti.us
You can also visit www.deq.state.va.us/tanks/reimbrs.html to find out more about the VPSTF.
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