Refinance Loan Helps Affordable Community Go Green
- May 09, 2012
Columbia, Md.—Enterprise Community Investment Inc. has closed a loan that will ultimately allow an affordable housing community to become more energy efficient. The loan, which is to non-profit affordable housing owner LINC Housing Corporation, was closed under the Green Refinance Plus program, which is a partnership between Fannie Mae and the U.S Department of Housing and Urban Development (HUD).
The $19.4 million refinance loan to LINC is for City Gardens, an affordable community in Santa Ana, Calif. City Gardens includes 274 units and houses mostly families with children.
“The Green Refinance Plus program ensures a more sustainable housing market in two major ways, first by helping affordable housing owners to keep rents affordable through smart refinancing options,” Lamar Seats, senior vice president, Multifamily Mortgage Finance, tells MHN. “Second, Green Refinance Plus helps to finance energy improvements and other needed renovations that create jobs, reduce operating costs, improve air quality for residents and protect the environment.”
The loan provided $1.5 million for the apartment community. Energy-efficient improvements will include replacing gas-fired furnaces with Energy Star furnaces, installing low-flow plumbing fixtures and adding energy-efficient lighting in units and common areas.
“Green Refinance Plus is the latest example of a broad range of financial products that Enterprise offers for multifamily and commercial real estate borrowers,” according to Seats. “For 30 years, Enterprise has introduced solutions through public-private partnerships with financial institutions, governments, community organizations and other partners that share our vision—that one day every person will have a healthy home in a vibrant community filled with opportunity.”