SSC2011_Noni Ramos PPT
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SSC2011_Noni Ramos PPT SSC2011_Noni Ramos PPT Presentation Transcript

  • Green Multifamily Retrofit Noni Ramos September 26, 2011
  • Target Markets
  • Green Communities Criteria is Framework for Green Affordable Housing Integrated Design Energy Efficiency Location and Neighborhood Fabric Materials Beneficial to the Environment Health Water Conservation
  • Green Communities: The Next Generation U.S. Department of Housing and Urban Development Secretary Shaun Donovan helped launch the next generation of Enterprise Green Communities:
      • Green all affordable housing within a decade
      • $4 billion commitment
      • 75,000 homes and facilities over the next five years
      • Enterprise Goal: 100% green by 2013
  • Existing Multifamily Properties are in Need of Retrofitting
    • Multifamily buildings house our nation’s poorest residents who bear double the energy burden
    • Residential buildings account for more than half of the built environment and 21% of all U.S. carbon emissions
    • Energy reductions of only 20% in federally subsidized buildings could generate $1 billion in savings
  • Benefits of Green Retrofit
    • Property owners
    • Residents
    • Lenders and investors
  • Challenges to Green Retrofit
      • Imperfect information
      • Multiple energy audit tools
      • Lack of a comprehensive protocol
      • Limited technical capacity
      • Inadequate financing
      • Disaggregated benefits
      • Split incentives
  • Enterprise’s Approach
    • Capacity Building
      • Green Capital Needs Assessments
      • Energy and Water Conservation Audit
      • Audit provider capacity building
      • Best practices and protocols for owners
  • Enterprise’s Approach
    • Financing
      • Retrofit mortgage refinance
      • Bridge loan leading to permanent refinance
      • Add-on financing
  • Add-On Financing Pilots
    • San Francisco BAM Fund
    • OH Green Communities
    • Winn Development (Boston)
  • San Francisco BAM Fund
      • $4MM Retrofit Loan Fund (BAM Fund)
        • $2MM Credit Enhancement through the State Energy Program (SEP)
        • $2MM Senior Capital
  • OH Green Communities
      • $1MM Green Communities Retrofit Loan Fund
        • $500k top loss provided by the Ohio Housing Finance Agency (OHFA)
        • $500k Senior Capital
  • Village at Brookline – Winn Development
    • Owner: Winn Development
    • Location: 77 Village Way, Brookline, MA Units: 307 Affordable, Section 42, HFA Property description: Three mid-rise buildings 7-9 stories high, 2-3 story townhomes, parking garage, significant green space, one senior building, family housing
    • Utility structure: All utilities paid by owner
    • Financing:
    • $1MM Entity Level Line of Credit
    • The first sub-loan for $874,464 will retrofit 307 units in Brookline, Mass.
  • Village at Brookline: Challenges
    • Selecting the right property for the retrofit took nearly a year.
    • Winn completed preliminary energy audits on approximately 10 properties and analyzed properties needing improvement for loan eligibility.
    • Estimated energy savings had to be sufficient to be
    • able to repay the Enterprise loan.
    • Master meter properties therefore only were considered.
  • We have made great progress!
      • Completed assessments on over 100 buildings totaling 8,000 units
      • Closed on $1.35MM in loans
      • Leveraging $30MM in retrofit financing
      • Pilots in several geographies
      • Creating web-based one-stop toolkit for retrofits
      • Publishing white paper on best practices