Retrofit Loan Fund Created For Bay Area Affordable Housing

Posted by Orb Staff on February 24, 2010 No Comments
Categories : Commercial Mortgage

The State of California awarded $3 million in funding from the State Energy Program to a partnership of the San Francisco Mayor's Office of Housing, Enterprise Community Partners Inc. and the Low Income Investment Fund (LIIF) that will provide energy efficiency and green retrofits to 26 affordable-housing developments in the Bay Area.

The new Affordable Multifamily Retrofit Initiative plans to leverage the initial award amount and create a $4 million green retrofit loan fund that will also include private capital investment. The initiative's loans will finance energy and water efficiency improvements to existing, older affordable multifamily housing developments, and 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%.

The Mayor's Office of Housing will oversee program administration, while Enterprise Community Partners and LIIF will jointly administer the loan fund. The partners stated that they would place a strong emphasis on gathering data to prove the viability of underwriting loans based on projected energy savings in this market.

SOURCE: San Francisco Mayor's Office of Housing

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