Energize Delaware Affordable Multifamily Housing Program

General Information and Structure

Lender:

Delaware Sustainable Energy Utility

Lending Type:

Non-profit lender

Jurisdiction:

The Energize Delaware initiative partners with trusted nonprofit groups to improve community outreach efforts and takes a comprehensive whole-building approach to capture all energy savings opportunities in a property. The Program provides participants with customized financial and technical assistance that is intended to facilitate and streamline completion of successful projects. Technical assistance may include energy assessments, project scoping, contractor selection, renewable energy evaluation, green building charrettes, design review, training and construction oversight. A participant co-pay is required for some services. Financial assistance may include incentives and low interest loans, which are extended by the DE SEU. Loans can be subordinated and debt service can be underwritten up to 90% of savings. For existing buildings, the program will pay 90% of the cost of a comprehensive assessment of the energy and water performance of your multifamily development and provide a prioritized list of upgrade opportunities.

Active or Closed Program?:

Active

Years Offered:

Launched 2017

Eligibility Criteria:

Affordable multifamily residential properties with 5 or more units. "Affordable" is defined as any property receiving assistance from a government housing program or charging rents no higher than the DSHA Payment Standards. Owners of properties not assisted by a government program will be required to certify that rents do not exceed these limits for a majority of households in the property.

Type of Financing:

Mini-Permanent/Permanent

Loan Size Range:

No set minimum or maximum

Type of Improvements Covered:

The Program offers a customized, whole-building approach that addresses all utilities (electricity, gas, oil, propane, etc.) and pursues common area and in-unit upgrades of the following equipment and systems (as applicable): Building envelope (air sealing, insulation); HVAC and hot water equipment; In-unit and common area lighting; Energy saving appliances; Renewable energy generation (solar PV, solar thermal, geothermal, etc.); Qualified health and safety measures; Water saving fixtures and equipment.

Financing Details

When is the Product Applicable?:

Acquisition

Mid-cycle

Refinancing

Interest Rate:

2% for nonprofits; 3.25% for for-profits

Maturity:

Up to 20 years

Security:

Secured - UCC1 filing

Additional Information

Point of Contact:

Patrick Coleman, Program Manager: [email protected] | 302-300-4321 x7028

Program Notes:

The DE SEU gets its financing from RGGI proceeds. MF properties have accessed the SEU's technical services but no MF properties have taken out a loan yet.

Link to Additional Information:

https://evogov.s3.amazonaws.com/media/50/media/62344.pdf