The Green Bank has obtained funding from the State of Connecticut Department of Energy and Environmental Protection (DEEP) for the EnergizeCT Health and Safety Revolving Loan Fund. This Fund provides loans that permit owners of multifamily housing, serving primarily low-income residents, to remediate health and safety issues that must be completed in conjunction with or that will enable follow-on energy upgrades and improvements.
The program is restricted to multifamily properties (5+ units) where at least sixty percent (60%) of the units serve low income residents, whereby low-income households are defined as households with incomes at 80% of Area Median Income (AMI) or less.
Eligible ownership structures include private or non-profit owned properties, housing authorities, condos, or coops. Assisted living and supportive housing communities are eligible.
Energy improvements and energy related health and safety measures. Examples include, but are not limited to:
- Measures to contain, address, remove, or remediate mold, sources of mold, asbestos, lead paint, or other hazards.
- Amelioration or replacement of leaking pipes, failed roofs, defective combustion equipment, carbon monoxide sources, radon gas, knob and tube wiring, etc.
- Costs of relevant health and safety audits and assessments, and necessary professional services.
|Loan Size||$10,000 to $300,000 (waivers for larger loans are possible)|
|Loan Term||Up to 20 years (plus construction period)|
|Interest Rate||2.99% per annum|
|Security||Generally, loans less than $50,000 will be unsecured. Security on loans greater than $50,000 will be determined in the Green Bank’s sole discretion.|
|Loan Fees||0.5% of funding amount, may be funded out of loan proceeds|
Email or call (860) 257-2333.