Financing for affordable multifamily energy efficiency projects
The Affordable Multifamily Financing program targets multifamily properties where at least 50% of the units are income restricted.
Like all of the programs highlighted on GoGreen Financing, the Affordable Multifamily Financing program is designed to encourage growth in private market lending and features a credit enhancement to help financing entities mitigate risk. It is designed to leverage and complement existing state and utility efforts to encourage affordable multifamily properties to install energy efficiency retrofits.
Property must receive electric and/or gas service from any of the following investor-owned utilities (IOU):*
- Pacific Gas and Electric Company (PG&E®)
- San Diego Gas & Electric Company (SDG&E®)
- Southern California Edison (SCE®)
- Southern California Gas Company (SoCalGas®)
Financial products supported
- $250,000 - $10,000,000
- 100% project financing
- Terms up to 10 years
- Ability to treat as an off-balance sheet transaction
Projects to be financed
At least 70% of the financed amount must be Energy Saving Measures+ or demand response. Up to 30% of the financed amount may fund nonenergy efficiency improvements. Financing for distributed generation (DG) improvements like solar photovoltaic (PV) may be included but will not receive a credit enhancement.
Affordable multifamily properties of five or more units, where at least 50% of the units are restricted to income-eligible households. The property must be subject to deed restrictions that require the owner to keep rents affordable for a minimum of 5 years.
Affordable multifamily housing property owners can choose to repay their financing in two ways:
- Direct to finance company
- On-bill repayment for master-metered multifamily properties (available in 2020)
For more information
For more information on the Affordable Multifamily Financing program, please contact the following program administration representative: