Another responsibility of the Credit Clearinghouse Board is to foster initiatives that promote the participation of owners of private Core Preservation Area lands in the Pine Barrens Credit program, pursuant to the Long Island Pine Barrens Protection Act and the Central Pine Barrens Comprehensive Land Use Plan. The program serves as a mechanism to help maintain value in private lands in the Core Preservation Area that are otherwise prohibited from being developed.
The Clearinghouse manages the funds (referred to as the Credit Clearinghouse "bank") which have been earmarked for purchasing credits. The initial source of these funds was a ten-year $5 million interest-free loan secured in 1995 from the New York State Department of Environmental Conservation's Natural Resource Damages Program. The funds have been used to make offers to purchase credits from landowners in the Core Preservation Area. The original funds were returned to the DEC in 2006. The Clearinghouse now maintains a permanent standing fund for the program, managed by the Suffolk County Treasurer's Office, and provides policy and instructions for managing the fund. These funds are used to purchase credits from private owners and replenished when purchased credits are resold.
Clearinghouse initiatives and credit program milestones are detailed in this table.
To learn more about Clearinghouse and the Credit Program, visit our online document library and select the category "Credit Program".