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SSC2011_Noni Ramos PPT


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SSC2011_Noni Ramos PPT

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