Open for finance company enrollment
The Affordable Multifamily Financing (AMF) program regulations were approved in May 2019. The program is now accepting applications from finance companies that would like to provide energy efficiency retrofit financing to affordable multifamily properties.
Benefits to finance companies
- Mitigate risk through a credit enhancement provided at no cost to you or your customers. The first $1 million of claim-eligible financed measures will receive a loss reserve contribution. Recover up to 90% in the event of a charge-off.
- Finance any amount with no minimum or maximum
- Set your own underwriting
- Increase deal flow through a partnership with the State of California and the state’s major investor-owned utilities (IOUs)
- Program supports a variety of financing products: energy service agreements, savings-based payment agreements, loans and leases
- Up to 30% of credit-enhanced funds can be used for nonenergy efficiency projects (subject to limitations)
- Designed to work with existing rebates and incentives from IOUs, Regional Energy Networks (RENs) and Community Choice Aggregators (CCAs). The program also integrates with state-administered multifamily incentive programs, such as the Low-Income Weatherization Program and the Solar on Multifamily Affordable Housing program
- Broad range of energy efficiency measures are eligible (Note: Solar and other distributed generation improvements may be financed but will not receive a credit enhancement)
- On-bill repayment coming in 2020
- Program serves properties of 5 or more units where at least 50% of units are income-restricted at Low to Moderate (80-120% Area Median Income). Eligible properties must have at least 5 years remaining on the recorded affordability deed restriction.