STAMFORD, Conn. -- The Connecticut Green Bank and the Housing Development Fund will hold an outreach event in Stamford on Thursday, May 12, at the Ferguson Library.
This event will enable property owners, developers, municipal officials, and other service providers to learn more about the partnership and how the funds can be used to finance energy upgrades.
The Connecticut Green Bank, the Housing Development Fund, and the John D. and Catherine T. MacArthur Foundation have formed a partnership to support energy efficiency and clean energy upgrades in Connecticut’s affordable multifamily housing sector.
Through a $5 million program related investment by the MacArthur Foundation, the partnership will support and expand financing solutions to meet the energy challenges of multi-family housing properties in Connecticut.
Lowering operating costs for owners will significantly reduce the energy cost burden that low-income renters face. The Housing Development Fund will originate and service affordable loans to owners of eligible multi-family properties using the MacArthur funds.
The Connecticut Green Bank will guarantee the loans and provide technical assistance to owners, thereby ensuring owners understand how to navigate the energy upgrade process.
Approximately 25 percent of Connecticut’s low- and moderate-income households live in multi-family housing with five or more units. These lower income households have a disproportionately high energy cost burden compared to higher income residents.
As property owners of affordable multi-family housing often face an overwhelming set of hurdles when tackling energy upgrades, the partnership will ensure owners know where to start, what to do, who to trust, and how to pay for the upgrades.
“The Connecticut Green Bank is very excited about this partnership with the Housing Development Fund and the MacArthur Foundation,” said Bryan Garcia, president and chief executive officer of the Connecticut Green Bank. “This is the first time the Connecticut Green Bank is working with PRI funding, which will enable a local organization, HDF, to service a hard to reach market. As Connecticut continues to deploy more and more clean energy in our communities, we want to ensure that everyone has the opportunity to realize the benefits it offers.”