Financing Options for Affordable Housing Properties
L.E.A.N. MULTI FAMILY ENERGY RETROFITS
Facilities owned by public housing authorities and non-profit organizations with income eligible residents can apply for the Low Income Multi-Family Program. Non-institutional facilities with 5 or more units owned or operated by a non-profit or public housing authority can qualify. LEAN helps applicants manage the project from start to finish. Contractors are paid, through utility funded grants, for all effective measures, providing residents free energy efficient upgrades.
Website: LEAN Multi Family
FHA AND FANNIE MAE GREEN REFINANCE PLUS PROGRAM
In May 2011, the Green Refinance Plus Program was started as a funding source for energy retrofits in affordable housing properties. Properties that are 10 or more years old may refinance their loans, with 5% or more going toward energy retrofits. Applicants must go through a Green Property Needs Assessment to participate, but once the assessment is performed they can refinance their loans while improving the environmental quality of their buildings, and not to mention save money.
Website: Green Refinance Plus
Phone: (800) CALL-FHA or (800) 225-5342
BOSTON COMMUNITY CAPITAL
Boston Community Capital’s Loan Fund supports the development of energy efficient affordable housing. In addition, BCC’s Solar Energy Advantage (SEA) program develops fixed-price power purchasing agreements for affordable housing projects. The SEA initiative has made Boston Community Capital the largest non-utility owner of Solar PV systems in Massachusetts.