In September 2013, Capital for Change, Inc (C4C) received an inquiry from a developer who was planning an oil-to-gas conversion for one of his properties in CT. The property was financed by a mortgage from the CT HFA, so the developer could not use PACE financing. C4C offered an unsecured loan that would not interfere with the CHFA loan, provided that the projected cash flows to NOI from the proposed conversion were sufficient to make the debt paymnets on the C4C loan. C4C estimated annual savings of $70,000. The first year energy savings post-conversion were $75,000 and maintenance savings were $7,500 for a total property NOI increase of $82,500 (with a debt and equity investment of less than $400,000). This provided $46,388 of free cash flow to the property, net of C4C debt service, in the first year. The property was sold two years after the conversion. The value that the oil-to-gas conversion contributed to the increased value of the property was $1.45 million.