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Enterprise Green Communities Criteria. Trisha Miller Enterprise Community Partners. Green Communities Criteria. Integrated Design. Materials Beneficial to the Environment. Water Conservation. Energy Efficiency. Location and Neighborhood Fabric. Operations and Maintenance. Health.

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slide1

Enterprise Green Communities Criteria

Trisha Miller

Enterprise Community Partners

slide2

Green Communities Criteria

IntegratedDesign

Materials Beneficial to the Environment

Water Conservation

Energy Efficiency

Location and Neighborhood Fabric

Operations and Maintenance

Health

slide4

Construction Types

Roanoke & Lee – Blacksburg, VA

Westgate Terrace – Rochester, NY

Broadway Crossings – Seattle, WA

enterprise and green communities funding
Enterprise and Green Communities FUNDING
  • Grants: Charrette and Sustainability Grants to help cover the costs of planning and implementing green operations and maintenance.
  • Predevelopment, and Acquisition Loans to support the development of affordable rental and homeownership housing that adheres to Green Communities Criteria.
  • Low-Income Housing Tax Credit (LIHTC) equity for new construction and/or rehabilitation of affordable rental housing that generally adheres to the Green Communities Criteria.
  • Green Mini Loans:A new lending program from Enterprise and the National Housing Trust Community Development Fund that provides nonprofit owners and developers capital to jump start green retrofits of older affordable rental communities.
report findings
Report Findings

In 2009, Enterprise released report evaluating cost effectiveness of the Green Communities Criteria

  • Estimated lifetime savings exceed the initial investment of incorporating Green Communities Criteria into affordable housing
  • Direct savings come from energy and water conservation measures
key findings
Key Findings
  • Average cost per unit to meet Energy and Water Criteria = $1,917
  • Energy and water efficiency measures paid for themselves as well as produced $2,900 in projected per-unit lifetime savings.
quickest payback water conservation
Quickest Payback – Water Conservation
  • Installing water-conserving fixtures and appliances result in a very high returns on investment in terms of utility cost savings.
    • Average savings of $352 to $935 per home, versus average cost premium of $80 per home.
    • In simple payback terms, the investment is recouped in 2 to 3 years.
slides courtesy of tom phillips seattle housing authority results breath easy homes study
Slides Courtesy of Tom Phillips, Seattle Housing AuthorityResults - Breath Easy Homes Study

Health Improvements

what we learned along the way
What we learned along the way…
  • Pre-development –
    • Green is not an add-on
    • Charrette a must
  • Construction –
    • Review plans and specs
    • Involve agency permit and inspection staff
    • Verify in the field
  • Post-construction –
    • Engage residents
    • Train property and operations staff
    • Ensure performance
slide14

Green Public Policy

  • States and Municipalities that have Integrated Green Communities Criteria into policy and programs:
    • Colorado
    • Iowa
    • Maryland
    • Minnesota
    • New York State
    • Washington State
    • Cleveland, OH
    • Denver, CO
    • New York, NY
    • San Francisco, CA
    • Washington, DC
how to touch every building
How to touch every building!

Learned:

Existing Properties are in Need of Retrofitting

Existing Buildings emit 21.6% of total U.S. CO2 emissions

It takes 65 years for an energy efficient new building to save the amount lost in demolishing an existing building

current market barriers retrofit existing multi family buildings
Current Market Barriers:Retrofit Existing Multi Family Buildings

Imperfect Information

Multiple Energy Audit Tools

No comprehensive Protocol

Limited Technical Capacity

Inadequate Financing

Disaggregated Benefits

Split Incentives

our solution enterprise green retrofit program
Our Solution: Enterprise Green Retrofit Program

An innovative effort toaccomplish green retrofit projects by improving energy and water efficiency in older affordable multifamily buildings.

Current pilot projects:

San Francisco, Bay Area

Los Angeles

Ohio

Boston with WINN Development

Pacific North West

New York

AAHSA

Enterprise Multi family Mortgage Finance

goals of the program
Goals of the Program

Offer a standard retrofit process that is replicable and

scalable for any market, that:

Improves Property Cash Flow

Improves Health of Residents

Provides Opportunities for Green Jobs

Reduces Carbon Emissions

what enterprise provides
What Enterprise Provides

Whole- Building Analysis

Energy and Water Usage Data Collection

Financing

Assistance with Assembling Subsidy Sources

Verification and Monitoring

Training and Education

two paths to retrofitting
Two Paths to Retrofitting

“Add-On” Financing- Property takes on additional debt/or grant funds which is paid back by operational savings of the improvements

“Retrofit Mortgage” Refinancing-Mortgage proceeds from the refinance pay for retrofit improvements, and debt is paid back by the energy and water cost savings, over the life of the mortgage

ad on loan terms
Ad-On Loan Terms

PROPOSED LOAN TERMS:

Target Interest Rate 5%

Loan Term 10 years

Debt Coverage Ratio 1.15 – 1.25

Collateral unsecured

Repayment Source amortized monthly payments

Loans repaid with savings achieved as a result of the energy and water efficiency improvements.

example projected energy savings debt service calculations
EXAMPLE:PROJECTED ENERGY SAVINGS & DEBT SERVICE CALCULATIONS*

EXAMPLE: San Francisco SRO; 105 units

COST OF IMPROVEMENTS: $692,010 ($6,591/unit)

ENERGY SAVINGS: $22,243/year

DEBT LOAD: $151,964

Projected Energy Savings Over Current Use: 25%

*based on draft Green Capital Needs Assessment

potential financing scenario sf sro
POTENTIAL FINANCING SCENARIO SF SRO

DEBT $ 151,964

Weatherization $ 262,500

(assumes $2.5k/unit)

Replacement Reserves $ 52,500

(assumes $500/unit)

Utility Rebates/Incentives $ 67,546

(assumes 10% of total cost)

CDBG (SF assumption only) $ 157,500

$ 692,010

overall progress
Overall Progress

Funding-

Leveraged $31 million dollars in retrofit financing

Approval of 5 loans by year end totaling 775 units

Green Capital Needs Assessments-

Will complete 155 Energy and Water Conservation Audits and Green Capital Needs Assessments

Totaling 1,920 units by year end

2011 Goal-

Complete 40 more GCNAs

Close on 15-20 additional loans

Weatherize and Retrofit approximately 4,000 additional units

Create new innovative Refinancing Loan Products

transit oriented development
Transit Oriented Development
  • Denver TOD Fund
    • Metro Denver addition of five new rail lines
    • Preservation and redevelopment of housing near transit
    • Sites within 1/2 mile of current or future light rail and a 1/4mile of high frequency, high volume bus corridors
  • Fund structure
    • Public-private partnership
    • $15 million in capital
    • Purchase and hold sites up to five years
denver model
Denver Model
  • Three target property types
    • Existing federally-assisted rental properties
    • Existing unsubsidized, below-market rate rental properties
    • Vacant or commercial properties to be converted to new affordable housing
    • Note that preservation in this case is sometimes rehabbing and sometimes redeveloping while ensuring that affordable units are not lost
  • Outcomes
    • Creation and preservation of at least 1,000 units of affordable housing
green communities technical assistance network
Green Communities Technical Assistance Network
  • Registry of over 100 TA providers
    • National searchable database
    • Online discussion forum
  • New Tools for Green Affordable Housing
    • Free Online Certification
    • Sample Designs and Specifications
    • Green Asset Management Toolkit

www.greencommunitiesonline.org

thank you
Thank you!

For more information:

Website: www.greencommunitiesonline.org

Mailbox: [email protected]

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