Alma Balonon-Rosen, Enterprise Community Partners and Darien Crimmin, WinnDevelopment

Financing Green Retrofit Improvements with Energy Savings Partners In Innovation Conference Boston, MA April 14, 2010

Extending Enterprise’s Vision “What ought to be, can be, if we have the will to make it so.” - James W. Rouse 2

Integrated Design Materials Beneficial Water to the Environment Conservation Energy Location and Efficiency Neighborhood Fabric Operations and Health Maintenance 3 Green Communities Criteria

Evaluation Findings In 2009, Enterprise released report evaluating cost effectiveness of the Green Communities Criteria, Incremental Cost, Measurable Savings  Estimated lifetime savings exceed the initial investment of incorporating Green Communities Criteria into affordable housing  Direct savings come from energy and water conservation measures 4

Key Findings Cost to incorporate the Projected “Lifetime” Green Criteria Utility Cost Savings $4,524 per dwelling unit $4,851 per dwelling unit  Average cost per unit to meet Energy and Water Criteria = $1,917  Energy and water efficiency measures paid for themselves as well as produced $2,900 in projected per-unit lifetime savings. 5

Enterprise Green Retrofit Pilots An innovative effort to improve energy and water efficiency in older affordable multifamily buildings by providing technical support, energy funding, utility rebate and incentive resources and debt to accomplish green retrofit projects. 6

Goals of the Pilot To create a replicable and scalable approach to funding energy efficiency and water conservation upgrades in affordable multifamily housing, while….  Improving property cash flow  Dovetail with larger scale rehab efforts  Linking to green jobs programs  Improving health of buildings and residents 7

WinnCompanies 8

Sustainability Highlights – WinnCompanies  2010 WinnGreen Operations Manual  Green Purchasing Standards  Measurement and Verification Guidelines  Green Cleaning  Integrated Pest Management  Energy and Water Assessments 9

BTU/Square Foot/Heating Degree Day 10 - 10.0 15.0 17.5 20.0 22.5 25.0 2.5 5.0 7.5 Castle Square 7.98 Coes Pond Village 12.5 12.25 11.71 Eastbrook Village Edgewood Apartments 10.40 10.09 Hartley Terrace 5.32 Heritage House 7.65 Kendrigan Place 5.30 Mill Valley Estates 7.62 Museum Park Condos 4.20 Mystic Place 3.67 Nazing Court 4.87 North Village 8.07 Northern Heights 15.30 Northgate 4.65 Olde English Village 10.39 Parkside Village 12.22 Pequot Highlands 11.70 Heat and Hot Water Usage (BTU/sf/HDD) Redwood Terrace 12.64 10 Sustainability Highlights – WinnCompanies Saxonville Village 6.49 Stony Brook Village 22.50 Village At Brookline 14.28 Walden Square 15.61 Wellington Community 11.14

Sustainability Highlights – WinnCompanies  Pickle Ditson Lofts - LEED Silver  Historic Mill Redevelopment in Boston’s Mission Hill neighborhood  Focus on high performance HVAC, insulation and air infiltration  43 units designated for low-income housing  Establishes design and performance standards for future projects 11

Sustainability Highlights – WinnCompanies In 2008, Winn installed 1 Megawatt of solar photovoltaic capacity. • Power Purchase Agreements: Properties make no upfront investment, and pay a reduced rate for solar electricity. Partnerships with: • Massachusetts Technology Collaborative • Connecticut Innovations 12 12 Bowdoin Apartments - Rolling Ridge - Sunset Ridge - Whalers Place - Stony Brook Village - Mill Pond – Walden Square – North Village

Lender – Borrower Issues and Perspectives  Who is the Borrower  Loan Amount  Term  Interest Rate  Use of Funds  Debt Service Coverage  Equity/Advance Rate  Repayment Schedule  Guaranty  Technical Advisor 13

Example project – HVAC and Insulation Upgrade  Rolling Ridge Boiler Replacements  Existing Boilers required replacement  New High Efficiency Boilers selected/designed  Air Sealing and Insulation of Attic Spaces  Rebate Acquisition Costs Savings Total Cost = $384,000 Savings per year = ~$40,000 Rebate = $140,000 75% of Savings = $30,000 Net Cost = $244,000 Simple payback = 8.1 years Payback @ 3.75% = 10 years 14

Rolling Ridge Apartments: Before…… 15

Rolling Ridge Apartments After… 16

Establishing a Baseline 17

Measuring Energy Savings 18

Other Enterprise Green Retrofit Pilot Program?  Pooling philanthropic or grant dollars to write down the interest rate and establish a “first loss” cushion in combination with other long-term debt  Working in CA with 5 non-profit affordable housing developers on 15 properties in SF, Berkley and Oakland  The OH Retrofit Fund targets LIHTC properties in Year 10 or older.  Washington State Green Retrofit Fund-Savings to repay loan over 5 year period 19

FOR MORE INFORMATION: Alma Balonon-Rosen Director-Relationship Manager-East Region Enterprise Community Partners 75 College Avenue, Suite 422 Rochester, New York 14607 Abalonon-rosen@enterprisecommunity.org Darien Crimmin Energy Efficiency Project Manager WinnCompanies 6 Fanueil Hall Marketplace Boston, MA 02109 dcrimmin@winnco.com 20

Alma Balonon-Rosen, Enterprise Community Partners and Darien Crimmin, WinnDevelopment

by National Housing Conference & the Center for Housing Policy on Apr 16, 2010

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Alma Balonon-Rosen, Enterprise Community Partners and Darien Crimmin, WinnDevelopment — Presentation Transcript