Affordable Housing Goes Green In CA
SAN FRANCISCO, -- The State of California awarded $3 million in funding from the State Energy Program (SEP) to a partnership of the San Francisco Mayor's Office of Housing, Enterprise Community Partners, Inc.(Enterprise) and the Low Income Investment Fund (LIIF). The award is the first of its kind to bring the benefits of energy efficiency and green retrofits to Bay Area families living in affordable housing and will result in the retrofit of 26 buildings over the next two years. The new Affordable Multifamily Retrofit Initiative will leverage the initial award amount to create a $4 million green retrofit loan fund, infusing private capital into this underserved market. Beginning this spring, the Affordable Multifamily Retrofit Initiative will provide technical support and loans to projects in the cities of San Francisco, Berkeley and Oakland as well as other Bay Area jurisdictions. Loans will finance energy and water efficiency improvements to existing, older affordable multifamily housing developments and be repaid through savings on utility expenses. Loan repayments will revolve back into the community to fund additional projects. The initiative is projected to serve 1,300 apartments in the targeted areas, reducing energy and water consumption by at least 25 percent. "The Affordable Multifamily Retrofit Initiative supports the City of San Francisco's continued efforts to ensure every resident has a healthy, energy efficient home," said Doug Shoemaker, director, San Francisco Mayor's Office of Housing. "We are pleased to work with leaders like Enterprise and LIIF that bring financial and technical expertise to greening affordable multifamily housing in the Bay Area." To bring green affordable housing to scale, Enterprise launched the next generation of Enterprise Green Communities, a$4 billion commitment to accelerate green affordable housing nationwide and a national call to action to public, private and nonprofit sectors to make all affordable housing green by 2020. Modeled after the Enterprise green retrofit pilot program initiated last spring, the Affordable Housing Multifamily Retrofit Initiative will fill a necessary need in the Bay Area. "Retrofitting multifamily properties is a critical issue in the affordable housing sector," said Rich Gross, vice president and Northern California Impact Market Leader, Enterprise. "This initiative will provide building owners with the much needed financing to create health, economic and environmental benefits to the community." "For over 25 years, the Low Income Investment Fund has looked for innovative ways to increase capital investment in high quality affordable homes for low income families. The Affordable Multifamily Retrofit Initiative opens up a new channel for capital so that affordable multifamily building owners and residents can reap the benefits of greener facilities," said Kim Latimer-Nelligan, chief operating officer, LIIF. "LIIF looks forward to working with exceptional partners in the San FranciscoMayor's Office of Housing and Enterprise on this initiative, which will provide significant economic and health benefits to the communities we serve." The San Francisco Mayor's Office of Housing will oversee program administration. Enterprise and LIIF will jointly administer the loan fund. The partners will place a strong emphasis on gathering data to prove the viability of underwriting loans based on projected energy savings in this market. Until now, private investment has been incredibly limited in northern California for making energy improvements to affordable housing. The Affordable Multifamily Retrofit Initiative will fill this gap and ensure that the Bay Area's low income families and neighborhoods receive the health and economic benefits of living in greener homes. It will also take advantage of a significant opportunity to conserve resources and reduce carbon emissions, benefiting all Californians. SOURCE Enterprise Community Partners, Inc.State of California Awards State Energy Program Funding to San Francisco Mayor's Office of Housing, Enterprise and Low Income Investment Fund
Public-Private Partnership Receives $3 Million to Retrofit Affordable Homes for Energy Efficiency
