Plastonics Closes on C-PACE Financing for Solar, Efficiency Project

Energy savings will surpass $775,000 for the Hartford powder coating business

 

Rocky Hill, CT (April 19, 2018) – The Connecticut Green Bank announces that Plastonics, located at 230 Locust Street, Hartford, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 99.7 kW solar photovoltaic (PV) system and energy efficiency upgrades to their lighting, HVAC system and roof insulation. Projected savings over the effective useful life of the upgrades is expected to surpass $775,000.

Established in 1959, Plastonics, Inc. was a pioneer in the powder coating business and continues to remain an innovator in the industry. They have developed specialized equipment for many unique applications, and automated equipment is used when possible to provide cost-effective operations. Plastonics applies coatings for automotive, medical, aerospace, military, marine, electronics and building hardware markets as well as consumer applications.

In addition to C-PACE financing, the project utility incentives and an Energy on the Line grant, an initiative funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund.

Design with Nature LLC in Avon, CT, provided technical assistance on the energy efficiency improvements, and the solar PV system was installed by All Green It, a solar photovoltaic contractor firm headquartered in Bristol, CT. The system is projected to produce 116,000 kWh per year.

“This was a perfect time to proceed with this project,” said Bob Zimmerli Jr., President of Plastonics. “The federal and state rebates were available, the solar panels will hopefully save us money for many years to come, and the LED lighting will make our work space brighter and better for our employees.”

“Using C-PACE financing, manufactures can lower energy costs, run more efficiently, have a greener footprint in the environment, and improve condition for their employees,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “Energy efficiency measures and solar will help Plastonics, like many other Connecticut manufacturers that have used C-PACE, remain strong.”

For more information about Plastonics, visit www.plastonics.com. For information on C-PACE, visit www.cpace.com.

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Connecticut Green Bank presents 2017 PACEsetter Awards

Rocky Hill, CT (March 15, 2018) – The Connecticut Green Bank announced the winners of the 2017 PACEsetter Awards during a ceremony today at the Energize Connecticut Center in North Haven. The award winners are a driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. This is the third annual PACEsetter Awards ceremony. 

The Connecticut Green Bank created the PACEsetter Awards to acknowledge contractors, building owners and other stakeholders who are advancing the green energy movement through C-PACE, and whose leadership establishes a “pace” for others in their field to follow.

C-PACE is an innovative program, administered by the Green Bank, which helps commercial, industrial, and non-profit property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line. The Green Bank recently announced that they had closed their 200th C-PACE project.  

“Our ‘PACEsetters’ are the driving force behind the C-PACE program. Without our strong contractor network, leadership by building owners, dedicated municipal officials, and other stakeholders who are leading the charge, the program would not have realized so much success,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Connecticut Green Bank. “The Connecticut Green Bank recently passed an exciting milestone, closing our 200th C-PACE project – we are pleased to recognize some of the individuals and organizations who helped us to achieve this.”

The Green Bank acknowledged contractors, building owners and other stakeholders across multiple categories:

 Top Performer, 2017

Green Earth Energy, a C-PACE contractor based in East Windsor who closed 8 C-PACE projects in 2017, the most of any contractor in the program

Outstanding Project, 2017

Earthlight Technologies of Ellington & Constantinos Constantinou for their comprehensive solar and energy efficiency project financed through C-PACE at 28 High Street, Hartford, CT, a mixed-use property including residential space. This project included a 52.2 kW solar PV system and upgrades to insulation, LED lighting, windows, condensing furnaces, and HVAC systems.

Design With Nature of Avon, CT & Metal Finishing Technologies for their comprehensive energy efficiency project financed through C-PACE at Metal Finishing Technologies’ Bristol, CT manufacturing facility. This project included upgrades to HVAC systems, compressors, interior lighting and windows.

Direct Energy Solar, a Centrica Business Solutions company, of Middletown, CT & Durham Agricultural Fair Association, Inc. for their solar project, a Power Purchase Agreement (PPA) secured by C-PACE, at the Durham Agricultural Association Fairgrounds in Durham, CT. The solar PV system at the Fairgrounds is 188.65 kW.

Accelerating PACE, 2017

Patricia Crisco, Tax Collector for the Town of Woodbridge, CT, who has been a leader in her municipality’s participation in C-PACE.

Jeffrey Pugliese of the Middlesex Chamber of Commerce, who has been a driving force in supporting the use of C-PACE to strengthen the business community in the Middlesex region.

NorthEast Energy Designs and Solutions of Stamford, CT, which is effectively utilizing C-PACE to collaborate with building owners and develop comprehensive C-PACE projects.

64 Solar of Port Chester, NY, which closed five solar projects in 2017 using C-PACE financing and C-PACE secured PPAs, demonstrating how solar and PACE can empower Connecticut building owners.

  

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Glenbrook Industrial Park Uses Solar to Save on Energy Costs

Connecticut Green Bank’s C-PACE program finances solar and roof upgrade

Rocky Hill, CT (March 6, 2018) – The Connecticut Green Bank announces that Glenbrook Industrial Park, located at 650 Glenbrook Road in Stamford, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 135 kW solar photovoltaic (PV) system and upgrades to their roof. Projected savings over the effective useful life of the upgrades is expected to surpass $1 million.

The 181,216-square-foot manufacturing and industrial park building was originally constructed in 1938, and currently houses various artisans and light manufacturing firms. Since there are manufacturers in the building benefiting from the energy improvements, the project received an Energy on the Line grant, which is funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund.

The solar PV system was installed by 64 Solar, a commercial solar photovoltaic contractor firm headquartered in Westchester, NY. The system is projected to produce 162,000 kWh per year.

“The solar PV and our ‘cool’ roof will help our tenants continue their work, but in an even more ‘green’ way,” said owner representative Clay Fowler of Spinnaker Real Estate Partners LLC in South Norwalk.

“The Green Bank is excited to see the impact of C-PACE on the businesses in this multi-tenant property,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Green Bank. “Property owners and tenants alike face many obstacles on their paths to success. Through C-PACE, we can help lower energy costs, allowing property owners to run more efficiently while having a greener footprint in the environment.

For information on C-PACE, visit www.cpace.com. For more information about 64 Solar, visit www.64Solar.com. 

 

 

 

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Business Leaders Advocate for Strengthening Connecticut’s Clean Energy Future

Connecticut Green Bank President and CEO Bryan Garcia honored as NECEC’s 2018 Clean Energy Champion

(press release provided by NECEC)

February 15, 2018 — As part of the Northeast Clean Energy Council’s (NECEC) Clean Energy Day, clean energy business leaders visited 

Janet Besser, NECEC’s Executive Vice President, hands a plaque to Connecticut Green Bank President and CEO Bryan Garcia, recognizing him as 2018 CT Clean Energy Champion.

the Connecticut State House today to advocate for legislation to extend Connecticut’s Renewable Portfolio Standard (RPS) and support solar and distributed generation markets, among other clean energy priorities.

“This is a critical legislative session to keep Connecticut on a path towards a sustainable and economical clean energy future,” said NECEC President Peter Rothstein. “It’s critical that lawmakers increase the RPS to enable businesses and residents to obtain the economic, energy and environmental benefits provided by a strong clean energy market.”

NECEC’s legislative agenda is detailed in its 2018 Connecticut Clean Energy Priorities, which outlines key legislation needed to advance clean energy in the Constitution State. NECEC’s top priority is increasinging Connecticut’s RPS to achieve 50 percent renewable energy by 2030. The current RPS is set to end at 20 percent in 2020. According to a recent study, an increase of two to three percent per year will create jobs, lower wholesale energy prices, improve energy diversity and lower greenhouse gas emissions.

During Connecticut Clean Energy Day, NECEC recognized Bryan Garcia, President and CEO of the Connecticut Green Bank, as its 2018 Clean Energy Champion. As the first state-sponsored green bank in the nation, Connecticut Green Bank has mobilized over over one billion dollars of investment in clean energy and energy efficiency in only six years. Garcia’s leadership of the bank has helped lower energy costs for over 24,000 Connecticut homes and businesses, reduce over 3.7 million metric tons of greenhouse gas emissions, and generation of 235 MW of clean energy. Prior to joining Connecticut Green Bank, Garcia served as Program Director of the Yale Center for Business and the Environment.

About NECEC

NECEC (Northeast Clean Energy Council & NECEC Institute) is the premier voice of businesses building a world-class clean energy hub in the Northeast, helping clean energy companies start, scale and succeed with our unique business, innovation and policy leadership. NECEC includes the Northeast Clean Energy Council (a nonprofit business member organization), and NECEC Institute (a nonprofit focused on industry research, innovation, policy development and communications initiatives). NECEC brings together business leaders and key stakeholders to engage in influential policy discussions and business initiatives while building connections that propel the clean energy industry forward.

 

 

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C-PACE Financing Closes for 287 Main Street, East Hartford

$290,000 project increases energy efficiency and property value

 

Rocky Hill, CT (February 6, 2018) – The Connecticut Green Bank announces that 287 Main Street in East Hartford has closed on Commercial Property Assessed Clean Energy (C-PACE) financing. The approximately $290,000 project will upgrade the lighting, boilers, air conditioning, and electrical service to improve energy efficiency, increase comfort for the building’s tenants. The building owners will finance just over $246,000 of these improvements over a six-year repayment term. This project was the 200th project financed through C-PACE in Connecticut.

“SGPB LLC purchased the building in 2016, the energy upgrades facilitated by the C-PACE financing helps to reduce the burden on Connecticut’s electrical grid,” said Terry McDonald, the property manager who has an equitable interest in the property. “Through the C-PACE financing we can make improvements in a way that works to modernize the building and lower costs.”

The 27,000 square foot building is home to businesses as well as Inter-Community, Inc., a community non-profit health organization with an Outpatient Psychiatric Children’s Clinic, serving children ages 3-18 and their families, on the fourth floor.

“With C-PACE, we are seeing property owners and tenants receive significant value,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional programs at the Green Bank. “If the motivation is increasing property value, increasing energy efficiency, improving reliability or comfort for employees, or a combination of these, C-PACE provides a great opportunity for commercial properties across the state.

For more information on C-PACE, visit www.cpace.com.

 

 

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Connecticut Green Bank Closes 200th C-PACE Project

Rocky Hill, CT (Jan. 30, 2018) – The Connecticut Green Bank announces that the state’s Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 200 closed projects totaling more than $114 million in clean energy investment in businesses. C-PACE is an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing to save money and make smart energy upgrades to their buildings.

According to PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, Connecticut is second only to California in total dollars financed through C-PACE.

“Again, Connecticut leads the C-PACE market it helped pioneer, topping 200 projects”, said David Gabrielson, PACENation’s Executive Director. “The Green Bank team has built a very effective program centered on high standards, great marketing, and an open market approach that encourages private sector engagement and investment in improving buildings throughout the state.”

The Connecticut Green Bank, the nation’s first full-scale green bank, leverages limited public dollars to attract private investments that scale-up renewable energy deployment and energy efficiency projects across the state. Of the capital deployed through the Green Bank’s C-PACE program 70 percent comes from private investors, including from a $100 million facility established with a private sector investor, and C-PACE projects originated and financed through other capital providers. The Green Bank has also securitized and sold C-PACE transactions in the past. The Green Bank’s administration of the program ensures that investors are confident using their capital to finance C-PACE projects.

In 2017, 50 projects closed on financing through the Green Bank’s C-PACE program – these projects will provide an estimated cost savings of $8.6 million, create 119 job years and will result in 6,653 kW of installed solar PV capacity. Cumulative program total for installed capacity is now nearly 25,000 kW and total job years now exceeds 1,300. In total, Connecticut’s C-PACE projects will produce an estimated $204.5 million in energy cost savings reducing the burden of energy costs on businesses and non-profit organizations across the state.

“While the majority of C-PACE projects are in industrial, retail or office buildings, we are seeing building owners and tenants in other sectors, such as houses of worship, non-profits, and educational facilities, taking advantage of C-PACE financing,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Green Bank. “C-PACE can help modernize and improve the efficiency of almost any type of commercial building, while lowering energy costs and increasing the value of the property, making it easy to understand why C-PACE has been so successful. Connecticut’s C-PACE program has a strong growth trajectory thanks to an engaged community of contractors, municipal officials, capital providers, building owners and other stakeholders that support C-PACE.”

“By attracting private investment into Connecticut to finance the deployment of clean energy in our communities, together we are reducing the burden of energy costs on our businesses and non-profit organizations,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We are enabling businesses to be more competitive and helping our non-profit organizations better serve their missions by reducing energy costs.”

The Green Bank also reports that Q3 and Q4 of calendar year 2017 were the best back-to-back quarters in number of closed projects (36) since the C-PACE program’s inception in 2013.

Click here to read more about the 200th project.

For more information on C-PACE, please visit http://www.cpace.com.

 

 

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Are you ready for an electric ride? Make the switch and start saving today

Dave Paquette Testimonial
“As a father of three, I want my children able to grow up, enjoy the outdoors and become good stewards of the planet,” said Dave Paquette. “The ride is not only fast and smooth, but also green and emissions-free.”

Have you ever considered driving a zero-emission electric vehicle to avoid volatile gas prices and high maintenance costs of traditional cars and trucks? If you haven’t, you should really give EVs another look and join a growing number of people who are making the switch.  The technology is improving rapidly, and these cars offer a smooth ride, quick acceleration, and very low maintenance and fuel costs.

If you think an EV is in your future, here are a few considerations:

Daily commute

A common objection to EVs stems from range anxiety, the fear caused by concerns about running out of power in a limited range vehicle. This doesn’t happen with traditional vehicles, as gas stations are easy to find in most places. A vehicle’s range should be a purchase consideration, but not a deal breaker. Some battery electric vehicles have a range as low as 62 miles, while others can travel distances of 335 miles on a single charge.

If you are like most working Connecticut residents, EVs are a good choice for your commute. The 2015 Fast Facts from the Connecticut Department of Transportation found that 95% of residents travel less than 50 miles to work each day.

“I was originally concerned about the range limits,” said Dave Paquette of Canterbury, who recently purchased a Nissan Leaf with a range of nearly 110 miles. “But since I use this primarily as a commuter, and since I have another vehicle for family trips, it works out. If 90% of your driving is commuting, it’s a great car.”

“My highway (fastest) route to work is 48 miles, and my EV is rated for 107 miles on a single charge,” said Al Corsi of Milford. “However, the regenerative braking mode extends the range to about 130 miles. My experience has been great so far.”

Charging Up

There are over 400 public charging stations in Connecticut, and more – and faster – chargers are steadily getting installed. (Maps of public charging stations can be found at EVConnecticut, PlugShare, or through network providers such as ChargePoint and EVgo.) Most EV drivers charge at home, and take advantage of public stations as needed at workplaces, destinations, and along travel corridors.

EV drivers say they are mindful about the limits of their charge, however proper planning and switching from the fastest route to the shortest distance helps. Apps and in-vehicle systems help drivers find charging stations just like they were gas stations. And again, an advantage of EVs is that drivers can also fuel up at home or work – wherever there’s a plug. EVs also tend to have powerful regenerative braking systems (like hybrids do) to help feed the engine battery.

Al Corsi Testimonial
“It’s a little car with big attitude and a tiny eco footprint!,” said Al Corsi. “We’re impressed at what this little car can do!”

Incentives and great financing options

Avoiding the gas station and repair shop are not the only ways EV drivers see savings. The Connecticut Hydrogen and Electric Automobile Purchase Rebate (CHEAPR) can reduce a purchase or lease price by several thousand dollars, and a federal tax credit of up to $7,500 is still available. Some dealerships also run specials that offer deep discounts of their own or from manufacturers.

The Connecticut Green Bank has partnered with three local lenders (CorePlus Credit Union, Mutual Security Credit Union, and Nutmeg State Financial Credit Union) and local car dealerships to offer 0.99% Smart-E for EV loans on new or used EVs for a limited time. With maximum loan amounts of $30,000 and terms up to 72 months, it’s never been a better time to purchase an EV. The year 2018 will mark the release of the most advanced models yet.

Go solar and fuel is free

If electricity is the fuel source for your car, and your house has solar photovoltaic (PV) panels, you could effectively drive for free. “If you have solar panels and produce excess power, it pays for itself,” said Paquette.

When Corsi installed solar panels at his home in Milford, he was looking ahead to adding an EV within five years for this reason. “Our solar panels are providing benefits beyond a lower electricity bill,” said Corsi.

If you already own or lease an EV, but do not have solar on your home, the Smart-E Loan can help. The loan would allow you to finance the total cost for the installation of solar and/or a charging station at your home with a low fixed rate and flexible terms.

Improved lifestyle, better future

Lastly, don’t overlook the environmental and lifestyle benefits of an emissions-free ride. Tailpipe emissions are the largest contributor to air pollution in Connecticut, and switching to an EV can make a difference with a clean ride.

“As a child, I thought it would be cool to have a car powered by electricity,” said Paquette. “My kids love it, and love that it doesn’t ‘make smoke’.”

For Corsi, his EV has triggered some positive lifestyle changes.

“While planning my errands around the availability of charging stations, my EV takes me to the local library,” said Corsi. “There I can plug-in and charge, walk off to my errands, return to have my car charged. So I’m walking a lot more!”

Both Corsi and Paquette have received their share of compliments on their new EVs.

“Everyone admires the EV,” said Corsi. “It’s quiet, sleek, fun to drive, and so they think it’s a great new experience.”

“I’ve had some family members pretty impressed by it and think it’s cool,” said Paquette. “Others are naysayers and try to come up with arguments against one, but when I present evidence on the cost per mile, [they see] I’m spending half the cost of an efficient gas burning vehicle.”

 

 

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Daughters of Mary to save $1.3 million in energy costs

The Daughters of Mary of the Immaculate Conception have added solar arrays at their New Britain property through an investment of $2.8 million. The Daughters will benefit from $1.3 million of energy savings over the next 20 years, and this savings will help them continue to provide tremendous service to domestic abuse victims as well as affordable senior housing and day care services for children and the elderly. Bryan Garcia, President and CEO of the Green Bank, spoke at the ribbon cutting ceremony, and was presented a plaque by Mother Jennifer, superior general of the Daughters of Mary, for the Green Bank’s role in this project. 

Facts about this solar installation:

  • A total of 3,668 solar panels were installed in three fields.
  • The Green Bank, Eversource Energy and Ecosolar worked together to bring this project to completion.
  • Panels were installed with five and seven foot screws, drilled into the ground to withstand winds over 110 MPH.
  • Installation is projected to produce more than 1.4 million kWh’s annually.
  • St. Lucian’s Residence, Prudence Crandall and Monsignor Bojnowski Manor went online in July 2017.
  • Hospital for Special Care Education and Research Center and Marian Heights went online in November 2017.
  • As of early January 2018, more than 275,000 kWh’s have been produced, saving more than $50,000 for the Daughters of Mary.

 

Click here to read the story in the New Britain Herald.

 

 

 

 

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Metal Finishing Technologies to save $1.9 million in energy costs

Connecticut Green Bank’s C-PACE program finances significant upgrades

 

Rocky Hill, CT (November 8, 2017) – The Connecticut Green Bank announces that Metal Finishing Technologies (MFT) of Bristol is using financing from the Commercial Property Assessed Clean Energy (C-PACE) program to implement energy conservation measures (ECM) that are projected to save the manufacturer nearly $2 million in energy costs over the effective useful life of the ECMs.

MFT, which operates out of a 70,000 square foot facility, is a nationally recognized source of diversified metal finishing and surface preparation as well as a certified Federal Aviation Administration repair station servicing the automotive, marine, aerospace, medical, commercial and electrical industries since 1947.

MFT is working with contractor Design with Nature to complete the project. MFT President / CEO & Owner Pete Mirabello said, “working with Mitch Kennedy and the folks at Design with Nature took a somewhat complex and multi-faceted project and made it an easy to understand and more importantly lead to a highly effective result.  I would recommend Mitch and is team to anyone looking to upgrade any part of their energy platform.”  The project at MFT will include the installation of high efficiency transformers, HVAC air handling units, compressors, interior LED lighting, and windows. In total, the project will cost over $650,000, with the C-PACE loan covering more than half and the remainder provided through one-time utility incentives and grants. The cumulative net cash flow for MFT is projected at nearly $1.5 million.

Mirabello went on to say “We are very excited to be partnering with the Connecticut Green Bank and Eversource.  This partnership enables us to continue evolving our “green story” a responsibility we take very seriously.  It also allows us to reset our energy platform for another 20 years while at the same time lowering our energy costs.  The unforeseen benefit in all this was the positive impact this reinvestment has had on our employees.”

“MFT is another great example of a Connecticut business that has impact well-beyond our state’s borders, as they ship parts through the country and overseas,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Green Bank. “By helping them improve their energy efficiency and increase cash flow through C-PACE, we are keeping the state’s manufacturing sector strong.”

 

About MFT

Metal Finishing Technologies, LLC. (www.mftech.com), MFT is one of the largest, oldest and most diversified metal finishers in New England. Since its founding in 1947, MFT has serviced plating and turbine component coating and removal clients throughout the Northeast and across the US. MFT has been under new ownership since 2011 when Peter Mirabello bought the Company. The company operates out of a 72,000 square foot ISO 9000-2008 / AS9100 governed facility, designed specifically to meet the stringent handling and environmental needs of the metal finishing industry.

 

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St. Paul’s Flax Hill Cooperative Begins Renovation, Energy Upgrade Project

Study financing provided by Capital for Change, Housing Development Fund, and Connecticut Green Bank

 

October 31, 2017, Norwalk, CT – St. Paul’s Flax Hill Cooperative Inc., a property managed by The Simon Konover Company (TSKC), is pleased to announce the closing of financing for an energy upgrade study which will identify, analyze, and define the technical and economic feasibility of installing energy upgrades, as well as health and safety related improvements, to the property.

This energy upgrade study is financed through a $100,000 loan extended by Capital for Change (C4C) and $30,000 Pre-Development Energy Loan from the Housing Development Fund Inc. (HDF), in conjunction with the Connecticut Green Bank and the John D. and Catherine T. MacArthur Foundation. The Cooperative is also using $25,000 of its own reserves.

“St. Paul’s has been here for more than 40 years and the members have done a great job in keeping the community thriving and affordable,” said Rodolfo “Rudy” Carranza, who grew up at St. Paul’s and is now the cooperative’s Board President. “But we knew we needed help to make it through the next 40 years.” 

Carranza is also employed by the State of Connecticut as a Building Maintainer at Housatonic Community College. He has experience in HVAC and knowledge in construction. He knows the challenges his community faced to address their most critical needs.

“The members were concerned about rising utility bills and the capital repairs that needed to be addressed.  This was a big challenge for us and we were worried that the cost of the renovations would be too much for some of the members to afford,” said Carranza. “We knew we needed to tackle the problem with a team of professionals and come up with a plan to move forward. The financing provided by the Connecticut Green Bank and Capital for Change has helped us bring together the right team to create that plan and a way to finance the work so we can keep St. Paul’s affordable, not just for our families but for the generations to come.”

The property, located at 28 Martin Luther King Drive in Norwalk, is an 86-unit cooperative serving low and moderate income families. The anticipated renovations have a strong focus on energy improvements to both the common utilities and the energy performance of individual units. These renovations include: replacement of entry doors, sliders, and windows; replacement of roofing and vinyl siding; upgrading refrigerators, sinks, and toilets; installing new gas fired furnaces and water heaters, smoke detectors, and programmable thermostats. The firms to provide the professional services have not yet been selected.

After the study is completed, the co-op plans to refinance the project through the HUD 223(f) program with Century Health Capital, Inc. of Saratoga Springs, NY, as well as funding from the Department of Housing, project reserves, and energy rebates.

“We are pleased to help this project realize the benefits of energy improvements.” offered Cal Vinal, President & CEO of Capital For Change. “Leveraging the energy efficiency cost savings to help pay for the renovations is an efficient way to improve the property.”

“HDF is very excited to be partnering with Connecticut Green Bank and C4C in the pre-development financing of an important energy efficiency initiative for St. Paul’s Flax Hill Co-op in Norwalk,” said Elissa A. Bard, Director of Multifamily Lending at HDF. “This project will ultimately bring important energy efficiency upgrades and energy savings for this 86-unit affordable property.”

The Pre-Development Energy Loan Program from HDF and the Connecticut Green Bank was created to promote clean energy and energy-related health and safety improvements in multifamily affordable housing properties across the State of Connecticut. This program includes funding from the MacArthur Foundation designated to address critical obstacles to making multifamily energy efficiency improvements, allowing borrowers to cover the costs of energy audits, opportunity assessments, property condition reports and other work necessary to secure permanent project financing.

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