Location
Auburn
, NY
Project Overview
Lender:
Community Preservation Corporation (CPC)
Lender Type:
CDFI
Property Type:
Subsidized
Property Ownership:
HUD
Deal Overview:
This complex was overdue for upgrades – individual gas furnaces, hot water heaters, and lighting fixtures were original to the buildings’ 1950s construction, and a lack of gutters was causing moisture problems in all buildings. CPC assisted the ownership by financing a comprehensive energy retrofit that improved resident health and comfort while drastically lowering their utility bills. Improvements included ENERGY STAR refrigerators, low-flow plumbing fixtures, sealed ductwork, efficient bulbs, sealed combustion furnaces and hot water heaters.
Metering Configuration:
Electricity, gas, water & sewer paid by owner
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
Retrofit/Renovation
Buildings:
31
Total Units:
188
Financing Details
Financing Type:
WAP, Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$2,273,941
Loan 1 Amount:
$1,100,000
Loan 1 Repayment Source:
Utility and operations savings; rental income
Grants:
$1,173,941
Completion Status:
Completed
Underwriting Considerations
Security:
Secured - real estate
Expected Annual Income:
Historical NOI is $173,944, but income with energy savings (adjusted NOI) is $264,364. This unlocked an additional $450,000 in available loan proceeds.
Percentage Projected Energy Savings Discounted for Use in Underwriting :
50%
