We are thrilled to be able to support so many great organizations with one single loan, and to help bring significant clean energy to DC and financial relief to low-income residents
WASHINGTON, DC – A partnership established by the National Housing Trust and Urban Ingenuity, known as NHT-Ingenuity Power (NHT-IP), has closed on financing for 24 solar installations on affordable housing rooftops across the Washington, D.C. area. The project will provide an estimated $3.8 million of lifetime energy savings and other financial benefits for local residents and affordable properties.
The project will generate 1.8 million kilowatt hours of energy annually, which will be used to offset utility bills for participating affordable housing owners and to provide new benefits to their residents. In addition to the solar installation costs, the project is funding roof repairs at several sites.
“For housing owners, reducing energy costs will help keep rents affordable over time,” said Bracken Hendricks, CEO of Urban Ingenuity. “This project shows that green buildings and clean energy can build a better economy for District residents.”
The project will be completed early in 2019 and reduce emissions by an estimated 1,360 metric tons of CO2 annually — roughly equivalent to removing almost 300 cars from the road each year. These reductions are a critical component of the District’s ongoing efforts to achieve the Sustainable DC and Clean Energy DC goals, as well as Mayor Bowser’s recent commitment for the District to reach carbon neutrality by 2050. This installation will also increase the city’s installed solar capacity by almost three percent.
The buildings hosting these installations are owned by several of the largest non-profit affordable housing organizations in the District, including So Others Might Eat, Victory Housing, Mi Casa, and Mission First, as well as for-profit housing owners Urban Atlantic and Somerset Development Company.
“We are very proud to support this outstanding group of non-profit affordable housing organizations and the residents that call their properties home. These non-profit owners already do a great service by assisting thousands of hardworking residents with lower cost housing, and through this project they’ll be able to help their residents even further by reducing their utility expenses,” said NHT Assistant Vice President of Sustainability Jared Lang.
This project is made possible through support from the D.C. Department of Energy and the Environment’s (DOEE) Solar for All program and the McArthur Foundation. Project financing included a $2.7 million loan from New Resource Bank, now part of Amalgamated Bank, and a $1.7 million investment by Monarch Private Capital, a tax equity partner.
“We are thrilled to be able to support so many great organizations with one single loan, and to help bring significant clean energy to DC and financial relief to low-income residents,” said Keith Mestrich, President & CEO of Amalgamated Bank. “The District has built a powerful network of allies for affordable housing and for the expansion of solar energy and this project is a testament to their expertise and commitment and fits perfectly our mission of helping those who do good, do better.”
A celebration to mark the completion of one of the first installations in this portfolio is planned for late October in collaboration with So Others Might Eat at their Jeremiah House community. Further details about this event will be provided in a forthcoming announcement.
National Housing Trust protects, improves and maintains existing affordable multifamily housing so that low-income families can live in quality neighborhoods with access to opportunity. Using the tools of real estate development, rehabilitation, finance, and policy advocacy in conjunction with sustainable practices, the Trust is responsible for saving more than 36,000 affordable homes in all 50 states, leveraging more than $1.2 billion in financing. The National Housing Trust is the only national non-profit engaged in housing preservation through public policy advocacy, real estate development, and lending. For more information on NHT-Enterprise’s innovative solar work, visit www.nationalhousingtrust.org/energy-solutions.
Urban Ingenuity is a clean energy finance company that serves as a developer and financier of clean energy infrastructure at both the building and community scale and as administrator of innovative energy finance programs. With special expertise in Property Assessed Clean Energy (PACE) financing and other tools of public and private finance, Urban Ingenuity brings new capital resources to support energy efficiency retrofits, district energy microgrids, and solar installations around the country, focusing on non-profits, affordable housing, and community-based institutions. For more information, visit www.urbaningenuity.com.
NHT-Ingenuity Power is jointly owned by the National Housing Trust (NHT) and Urban Ingenuity (UI), with the mission of bringing affordable solar to multifamily properties. Both UI and NHT are pioneers in developing innovative transaction structures for clean energy finance that drive more benefit to community organizations, affordable housing, and low income residents. In addition to this project, NHT-Ingenuity Power is currently developing another 6 megawatts of solar in partnership with several other affordable housing owners around the country.
Solar for All, a program of the District of Columbia’s Department of Energy and Environment (DOEE), was established by the Renewable Portfolio Standard Expansion Amendment Act of 2016 (The Act). The Act intends to expand DC’s solar capacity, to increase the amount of solar generated within the District, and to provide the benefits of locally-generated solar energy to low-income households, small businesses, nonprofits, and seniors. Funded by the Renewable Energy Development Fund (REDF) and administered by DOEE, Solar for All’s specific targets are to provide the benefits of solar electricity to 100,000 low income households (at or below 80% Area Median Income), and to reduce their energy bills by 50% (based on the 2016 residential rate class average) by 2032.
About Amalgamated Bank: For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.
About Monarch Private Capital: Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.