SEED Adds Solar to 5 LINC Assets
- Dec 28, 2017
LINC Housing’s SEED Partners has installed new solar photovoltaic systems at five LINC properties, aggregating them as one project to leverage tax credits and available incentive programs using a new financing structure. Co-developed with the National Housing Trust, the solar project impacts 545 low-income family and senior households. The five Californian properties to benefit from this project include:
- The Village at Beechwood in Lancaster
- City Gardens Apartments in Santa Ana
- Seasons at Ontario in Ontario
- Pleasant View Apartments in Fresno
- Mosaic Gardens at Monterey Park in Monterey Park
“High energy costs make it difficult to keep apartments affordable. That’s why improving energy performance, resilience and sustainability is key to preserving affordable homes over the long term. LINC Housing’s model uses a new structure where the property owner receives the operating income rather than a third party, allowing the owner to diversify revenue streams and finance more affordable housing,” said Enterprise Community Partners Senior Program Director Esther Toporovsky, in a prepared statement.
Multiple parties involved
The State of California, through the Multifamily Affordable Solar Housing program, and the Low Income Weatherization Program, also supports the project. Monarch Private Capital is the main investor. Solar installation partners include Primus, Cal Solar and GRID Alternatives, which also provided solar installation job training to residents interested in building a career in the solar industry.
LINC and SEED hope to replicate the process using a similar ownership structure, available incentives and other resources for additional LINC properties.
Enterprise Community Partners awarded LINC and SEED a $50,000 grant. In addition, Enterprise Community Loan Fund and the National Housing Trust provided a $588,000 participation loan.
This year, LINC Housing Corp. opened Mosaic Gardens at Willowbrook, a 61-unit affordable housing community for low-income families and formerly homeless households in the unincorporated area of Willowbrook, Calif.
Image courtesy of Yardi Matrix