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Green Retrofit Initiative

General Information and Structure

Lender: 
LISC Boston
Lending Type: 
CDFI
Jurisdiction: 
MA

The Green Retrofit Initiative helps affordable housing owners implement energy efficient and clean energy technology, transition to safer cleaning products and pest management techniques, and go smoke-free in their buildings. Over the past several years, LISC Boston has been actively involved in promoting policies that encourage both energy efficiency and clean energy in the affordable housing sector. As part of this work, LISC encouraged the utilities and housing finance agencies to create an Energy Efficiency Roadmap to help owners make informed decisions. We continue to help owners access Low-Income Energy Affordability Network Low Income Multi Family (LEAN LIMF program) energy efficiency funds, incorporate measures into their rehab scope of work that cannot be funded through the LEAN LIMF program, and highlight promising clean energy technologies for their properties. Currently, LISC Boston is collaborating with state housing finance agencies MassHousing and Massachusetts Housing Partnership to incorporate sustainability strategies across their portfolios (69,000+ units combined) and provide relevant trainings for the field, from LEED Green Associate courses to Passive House forums.

Active or Closed Program?: 
Active
Eligibility Criteria: 
Community development corporations, nonprofit and for-profit affordable housing developers
Type of Financing: 
Acquisition/Predevelopment
Bridge
Construction/Rehab
Mini-Permanent/Permanent
Loan Size Range: 
$50,000 - $5,000,000

Financing Details

When is the Product Applicable?: 
Acquisition
Mid-cycle
Refinancing
Interest Rate: 
6%; Permanent Fixed at Spread over U.S. Treasuries of comparable duration
Maturity: 
2- 27 years
Security: 
Secured

Results/Impact

Impact : 
Since 2010, the Initiative has worked with over 50 owners statewide to track energy performance of at least 17,000 units through benchmarking, undergo energy retrofits in 5,000+ units, and leverage over $17 million.

Additional Information

Point of Contact: 
Emily Jones, [email protected]
Program Notes: 
Case studies: http://www.lisc.org/boston/our-work/green-retrofit-initiative/case-studies/