COLUMBIA, MD - Enterprise Community Partners, Inc. (Enterprise) and the Washington State Housing Finance Commission (WSHFC) have partnered to create the Washington Green Communities Retrofit Loan Fund, a $2 million financing pool available to owners of multifamily affordable housing properties in the state of Washington.
Source: Enterprise Community Partners
"We are pleased to offer this opportunity at a time when finding options to finance retrofitting activities is a top priority for the affordable housing community," said Paul Cummings, senior vice president and western regional executive, Enterprise Community Partners. "Reducing carbon emissions, while increasing the health benefits and utility savings of a building is a win-win to the building owner, the resident and the surrounding neighborhood. We are excited to enter into this partnership with the Washington State Housing Finance Commission and look forward to working with the affordable housing developers who apply for these loans."
The average multifamily affordable housing property incurs over $700 per unit in annual utility costs. Through retrofitting activities that reduce energy and water consumption, building owners can save an estimated 15 to 20 percent. Currently in the pilot stage, Enterprise and WSHFC estimate that approximately 20 loans will be made through the Washington Green Communities Retrofit Loan Fund with loans averaging $100,000.
"Greening and preserving affordable multifamily housing is an important component to our work at the Commission," said Steve Walker, director of the Tax Credit Division, Washington State Housing Finance Commission. "This fund offers developers a viable option to maintain affordability while achieving sustainability. We are excited to join Enterprise in this new venture."
The fund will target properties in rural and urban areas that were financed through the federal low income housing tax credit (LIHTC) program. As part of the loan, the properties will undergo a full energy audit to determine potential savings to be derived from the retrofit. Enterprise, through Green Communities, operates a number of retrofit pilot programs in large cities through out the country.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public- private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than a quarter million affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year.