Deal Spotlight
NYCEEC Provides Predevelopment Financing for Affordable Housing in Utah in Collaboration with Local Lender
$
NYCEEC Loan Size
Affordable Housing Units
$
Total Project Cost
The Project
Project Type
Multifamily/Mixed-Use
New Construction
Project Size
2 Buildings (approx.
272,000 s.f. in total)
Expected Completion
2028 – 2029
Location
Salt Lake City, Utah
Upgrades/Technology
High Performance
Building Design,
Electrification
NYCEEC Loan Product
Predevelopment Loan
Loan Term
3 years
Closing Date
October 2025
NYCEEC recently collaborated with SustainEnergyFinance (SEF) to provide a $4,500,000 predevelopment loan to a Utah-based developer, 22 Communities, for the development of a 396-unit, 100% affordable mixed-use complex in Salt Lake City. The project will be undertaken in two phases, each representing a different building. Designed to meet Enterprise Green Communities New Construction criteria, The Cooperative 1881 will be all-electric and built within walking distance of public transit to further reduce local emissions. The buildings are
expected to utilize renewable energy through the Utah Renewable Communities program.
SustainEnergyFinance is Utah’s nonprofit green bank, and this collaboration exemplifies how community lenders can accelerate progress towards shared goals. This is SEF’s first financing, furthering their mission of transforming communities with accessible, equitable, and creative financial solutions that build a clean energy economy.
The Project Numbers
Total Loan Amount
$4,500,000
Borrower Equity
$4,351,000
Total Predevelopment Costs
$8,851,000
The Results
When completed, The Cooperative 1881 will provide 396 units of supportive, affordable housing to residents of Salt Lake City’s Westside neighborhoods, which continue to face rising housing and energy costs. The affordability benefit strengthens financial resilience of low-income households by providing new housing available to individuals and families making up to 60% of Area Median Income (AMI). The project is expected to create local jobs through construction and ongoing building management.
NYCEEC supports the creation of community-scale clean energy lenders in different states to allow other communities to realize the economic, social, and environmental benefits of clean energy. “Challenges such as housing affordability, energy costs, and air quality are being faced by communities everywhere. NYCEEC is pleased to help 22 Communities develop this impactful project and to support SustainEnergyFinance in financing healthy and affordable housing in Utah,” said Curtis Probst, CEO of NYCEEC.