General Information and Structure
This is a term loan that provides gap financing enabling qualifying energy improvements to be implemented as well as health and safety measures as needed. Owners must complete an energy opportunity assessment and/or audit appropriate to the project and satisfactory to the Green Bank in order to identify the full set of energy upgrades that will deliver a positive ROI, thereby increasing the value of the property. Catalyst funds are intended to support investments in comprehensive, deeper energy improvements as well as remediation of health and safety issues that enable these improvements. One example of the use of this product is is Success Village, a 924-unit housing co-operative in Bridgeport and Stratford. A $165,000 loan will cover a phase one pilot that includes asbestos removal from piping on the central heating system which was installed in the 1960s. Completion of the pilot will inform design, engineering and implementation of health and safety and energy upgrades for the full property.