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Deal Spotlight

Green Bank Collaboration to Finance
Electrification and Solar + Storage for
Affordable Multifamily Housing

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Annual Projected Energy Savings
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Annual Projected GHG Savings

The Building

Building Type
Affordable Multifamily Rental

Building Size
1 Building
262,000 Square Feet
216 Affordable Units

Year Built

Takoma Park, MD


Project Type

Expected Upgrades
Solar PV, Battery Storage, Electrification

NYCEEC Loan Product
Direct Loan

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


Total Loan


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.