General Information and Structure
Inclusive Prosperity Capital
The Navigator Pre-Development Line of Credit is a simple, unsecured pre-development facility that funds customized analysis and design of energy improvements for multifamily properties using owner-selected and managed technical service providers. Design of health and safety, resiliency and other improvements can also be covered. Inclusive Prosperity Capital is the spin-out of the Connecticut Green Bank, bringing its successful programs to new markets. Program benefits: (1) Supports well-designed energy projects that save on utility bills and enhance your building’s attractiveness to tenants, (2) Property owners select and manage their own service professional(s), (3) Owners cover 25% of pre-development costs; Connecticut Green Bank loans 75% of costs.
Active or Closed Program?:
2018 - Present
Multifamily properties (5+ units, income eligible and market rate). Private and non-profit owners, public housing authorities, senior/assisted living communities, condominium/co-op associations, etc.
Type of Financing:
Type of Improvements Covered:
Energy benchmarking, opportunity assessments, audits; Green charrettes and physical needs assessments; Energy-related health and safety assessments; Design, engineering and bidding work; Costs to secure energy upgrade project financing; Other reasonable expenses needed to get your energy project designed and funded.
When is the Product Applicable?:
Affordable properties: 1.99%; Market rate properties: 3.99%
24 months or upon project funding, whichever is sooner
Point of Contact:
John D’Agostino at [email protected] / 860.257.2333
1.3x or greater project energy savings coverage ratio. 1.2x or greater energy savings ratio for solar-only projects. If a property is currently rented, owner must demonstrate 12 months of positive net operating income prior to subject improvements. Evidence of assets sufficient to pay six months’ worth of interest payments is also required. Rent restrictions: A one-year freeze on rent increases greater than the CPI cost-of-living may be required for properties where tenants do not pay their own utility bills, and the units are not currently governed by rent restrictions.