Public-Private Partnership Provides $2 Million for Greening Affordable Housing

June 21, 2010
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Enterprise Community Partners, Inc. and the Washington State Housing Finance Commission (WSHFC) have partnered to create the Washington Green Communities Retrofit Loan Fund. Green Communities is a $2 million financing pool available to owners of multifamily affordable housing properties in the state.

The average multifamily affordable housing property incurs more than $700 per unit in annual utility costs, according to Steve Walker, director of the Tax Credit Division of the WSHFC. Through retrofitting activities that reduce energy and water consumption, building owners can save an estimated 15 to 20 percent. Currently in the pilot stage, Enterprise and WSHFC estimate that approximately 20 loans will be made through the fund, with loans averaging $100,000.

The fund will target properties in rural and urban areas that were financed through the federal low-income housing tax credit program. As part of the loan, the properties will undergo a full energy audit to determine potential savings to be derived from the retrofit. Enterprise, through Green Communities, operates a number of retrofit pilot programs in large cities throughout the country.