Location
Chicago
, IL
Project Overview
Lender:
PNC Bank
Lender Type:
For-profit lender
Borrower:
Affordable Community Energy (ACE)
Property Type:
Subsidized
Property Ownership:
Non-profit
Deal Overview:
Continental Plaza is a 1950s building that provides 164 affordable, one-bedroom apartments for seniors. To fulfill the U.S. Department of Energy’s Better Buildings Challenge, Hispanic Housing Development Corporation formed Affordable Community Energy, a unique mission-driven energy services company model. Through lighting, HVAC, solar photovoltaic, combined heat and power, and water conservation upgrades, ACE helped Continental Plaza reduce its 2014 utility costs by over $47,000. Retrofit measures resulted in over $784,000 in potential added property value.
Improvements Covered:
Energy efficiency, Renewable energy, Water efficiency
Type of Project:
Retrofit/Renovation
Buildings:
1
Total Units:
164
Scope of Efficiency Work:
The renovations included installing an extensive solar photovoltaic system on the Chicago rooftop, which generates about 200,000 kWh each year, and a micro combined heat and power system—a
relatively new concept for multifamily housing in the United States—to generate electricity from wasted heat energy from the building’s domestic hot water. In addition, a 10-year shared-savings
energy performance contract and power purchase agreement gives the owner the added benefit of a third-party providing the operations and maintenance necessary to sustain the efficiency savings throughout the contract.
Financing Details
Financing Type:
HUD loan, Energy Services
Grants:
HUD Energy Innovation Fund Grant
Incentives/Rebates:
State and utility incentives
Other Sources:
New Markets Tax Credits, Solar Investment Tax Credits
Completion Status:
Completed
Underwriting Considerations
Project Affordability Criteria:
This is a subsidized property
