NYCEEC provided a bridge loan converting to a permanent loan to finance rooftop solar installations at two affordable multifamily housing sites in Washington, D.C. The projects are jointly owned by Sunlight General Capital, an investor and solar developer, and National Housing Trust, a nonprofit focused on affordable housing.

The buildings will be the offtakers of the clean energy generated. The building owners have executed ESA agreements to purchase the electricity at a significant discount to current and expected prices. NYCEEC’s loan will bridge the Investment Tax Credit, which is expected to include LMI adders accessed under the Low-Income Communities Bonus Credit Program and convert to permanent financing following tax credit monetization.