December 22, 2017 —
On December 22, 2016, HDF utilized $1,330,000 in Macarthur funding to purchase The Housing Authority of the Town of Manchester, CT Lease Revenue Custodial Receipts which is providing financing for energy improvements resulting in energy conservation across three affordable housing developments located in Manchester, CT. These three affordable housing developments contain 275 units of affordable, senior housing.
The $1.3 million investment from HDF is part of a $2.7 million project to improve the energy efficiency and reduce utility costs for 275 units of the Housing Authority’s affordable senior housing portfolio. Manchester Housing Authority was established in 1958 and includes 455 total housing units across four sites.
Energy conservation measures include installing electrical upgrades including LED lighting, upgrading heating systems and heating conversions (electric to gas conversions), water-conserving measures, and the addition of a solar photovoltaic system.
The first phase of the project is a ground mounted solar PV system and is among the first of such systems at a state housing authority. The electricity generated will serve 199 of the complex’s apartments, as well as the housing authority office. The system is expected to produce energy savings of approximately $25,000 per year and provide additional revenue to the Housing Authority under a long-term Zero Emission Renewable Energy Credit (ZREC) contract between the Housing Authority and Eversource, which should generate approximately $12,800 annually for 15 years.
Under an Energy Performance Contract (EPC) approved by the U.S. Department of Housing and Urban Development (HUD), the Siemens Industry, Inc. will install a variety of energy conservation measures for this project, including heating systems upgrades; heat source conversions (from electric to gas); water-conservation measures (such as low flow showerheads and faucet aerators); and electrical upgrades such as LED lighting. The HUD EPC program provides incentives to public housing authorities across the country to implement energy and water savings improvements to their housing units. By leveraging energy performance contracting, this cost-effective solution pays for infrastructure upgrades with guaranteed energy savings over time.
This project is made possible by HDF’s partnership with the MacArthur Foundation and CT Green Bank to bring energy efficiency upgrades to affordable multifamily housing across the state. The $5 million program related investment by the MacArthur Foundation will support energy efficiency and clean energy in the affordable multifamily housing sector by support and expanding financing solutions for multifamily properties in Connecticut.
To learn more about this opportunity, and our other programs for multifamily developers, please visit our Multifamily Lending page or call Director of Multifamily Lending Elissa Bard at 203.969.1830 x 2010.