Deal Spotlight
Green Bank Collaboration to Finance Electrification and Solar + Storage for Affordable Multifamily Housing
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The Building
Building Type
Affordable Multifamily Rental
Building Size
1 Building
262,000 Square Feet
216 Affordable Units
Year Built
1967
Location
Takoma Park, MD
Project Type
Construction
Expected Upgrades
Solar PV, Battery Storage, Electrification
NYCEEC Loan Product
Direct Loan
Term
9 Years
Closing Date
November 2023
The Project
NYCEEC participated in a $4,500,000 loan led by Montgomery County Green Bank (MCGB) to finance building electrification measures and a 400-kW battery storage system at an affordable multifamily building in Maryland. The building electrification measures include air-source heat pumps and mini split systems and a 159-kW rooftop solar PV system. All 216 units are rent regulated at 60% of AMI. Additionally, the project was approved to serve as a resiliency hub and in turn will receive grant funding from the Maryland Energy Administration.
Total Project Cost
$13,250,000
NYCEEC Loan
$4,500,000
The Results
The project will electrify a major portion of the systems for a large, regulated affordable multifamily building. Tenants will be the beneficiary of operating expense savings associated with the electrification measures, as well as the solar energy generation. NYCEEC is excited to partner with Montgomery County Green Bank on a second transaction to bring green measures to affordable multifamily housing.