Argument Against Superfund Doesn't Hold Water: EPA

One of the main reasons, if not THE main reason, that people have argued against Superfund designation for the Gowanus Canal is that lending will be shut down, banks will not provide financing for development on Superfund sites and that no one wants to buy on Superfund land. Well, the EPA, the federal agency which oversees the Superfund program, doubts that this will be a problem. From Courier-Life:

"He pointed to a Department of Housing and Urban Development document that spells out what lenders “must avoid or mitigate” if a range of conditions exist, before completing their loan review. Among the conditions are “potential noise issues, where the property is located within 1,000 feet of a highway, freeway, or heavily traveled road, within 3000 feet of a railroad, or within one mile of an airport or five miles of a military airfield.” Tsiamis noted that the canal is already within 3,000 feet of a railroad and 1,000 feet from a highway.

Whether a site is on an Superfund list or equivalent state list, also makes the list, as does an assessment indicating the presence of if contaminants.

“All the other conditions that they list as possible things that lenders would have to avoid or determine if mitigants are in place — they are already there,” said Elizabeth Totman, an EPA spokesperson, noting that upland sites where residential buildings are contemplated are already home to contaminants. “The proximity of a Superfund site to a condo would not prevent a loan from being made.”"

So, basically, the EPA says the Gowanus is already so bad, it's akin to a Superfund site.