Financing for affordable multifamily energy efficiency projects

The Affordable Multifamily Financing (AMF) program supports investment in energy-saving upgrades for residential properties serving lower-income Californians.

Improved energy efficiency can help the owners of California’s affordable multifamily properties prepare for the future and manage energy expenses. Administered by the State of California with support from the state’s investor-owned utilities, AMF facilitates financing of up to $10 million for energy retrofits for qualifying properties.

Eligibility

The AMF program serves existing multifamily properties of 5 or more units where at least 50% of the units are income-restricted. Properties must have a minimum of 5 years remaining on the affordability covenant at the time of qualification and must receive a gas or electricity bill from at least one of the following utilities: Pacific Gas and Electric Company (PG&E), San Diego Gas & Electric Company (SDG&E), Southern California Edison (SCE) and/or Southern California Gas Company (SoCalGas). AMF may not be used for new construction.

What can be financed?

A broad range of common area and in-unit measures may be financed through AMF. The program supports any energy efficiency or demand response measure found on the pre-qualified Energy Saving Measures list or approved by a Program Partner (see “Designed to work with other programs”).

Additionally, non-energy improvements like play equipment, landscaping and remodeling can be included in the financing. The project may incorporate distributed generation elements, such as solar equipment and battery storage, at the finance company’s discretion.

Interested in learning more?

Contact AMF Program Specialist Susan Mills with eligibility questions and to discuss project ideas: susan.mills@treasurer.ca.gov

Explore available financing options

Ascentium Logo
Equipment finance agreements
  • $10,000 - $250,000
  • Finance 100% of project costs
  • Credit approval within 48 hours
  • Prefunding available for qualified contractors
  • Project may include solar and/or storage
Renew Energy Partners Logo
Energy service agreements
  • $250,000 - $10,000,000
  • 100% project financing
  • Terms up to 10 years
  • Ability to treat as an off-balance sheet transaction
  • Solar and battery storage may be financed

View the financing options as a PDF:

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For more information

To learn more about project qualification, view the Affordable Multifamily At-A-Glance Project Eligibility Checklist.

For even more program detail, view the Affordable Multifamily Financing Program Regulations.

affordable multifamily housing upgrades

Benefits for customers

  •  Access to financing that can be used to update aging, inefficient properties
  •  Financing for single-measure and small-scale projects as well as complete retrofits
  •  Cash flow–positive options
  •  100% project financing
  •  Unsecured or equipment-secured financing (no property lien)
  •  Option for energy service agreements, which can complement the typical affordable multifamily debt structure
  •  Ability to include non-energy measures in the project
  •  No contractor restrictions; freedom to work with your trusted partners

Designed to work with other programs

The AMF program complements affordable multifamily energy efficiency programs that offer rebates or incentives (“Program Partners”) by providing financing for out-of-pocket costs.

For example, the Solar on Multifamily Affordable Housing (SOMAH) program requires an energy efficiency audit before solar installation may begin. Property owners can use the AMF program to finance the necessary efficiency upgrades.

Similarly, an investor-owned utility (IOU) may offer a rebate on a heat pump HVAC that covers part of the cost; the remainder can be financed through the AMF program.

Program Partners include the state-administered Low-Income Weatherization Program (LIWP) and SOMAH program, as well as energy efficiency programs for affordable multifamily housing administered by an IOU, regional energy network (REN), or community choice aggregator (CCA). Any energy efficiency or demand response measure approved by a Program Partner may be financed through the AMF program.