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Enterprise

VIEWS: 23 PAGES: 33

									Enterprise Green
Communities Criteria

 Trisha Miller
 Enterprise Community Partners
         Integrated
                      Green Communities
           Design     Criteria


                       Materials Beneficial
   Water               to the Environment
Conservation

                              Location and
        Energy
                              Neighborhood
       Efficiency
                                  Fabric


      Health           Operations and
                       Maintenance
    Building typologies




3
  Construction Types




Roanoke & Lee – Blacksburg, VA     Westgate Terrace – Rochester, NY
Broadway Crossings – Seattle, WA
Geographic Locations
    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.

6
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



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Key Findings


 Cost to incorporate the     Projected “Lifetime”
    Green Criteria           Utility Cost Savings

$4,524 per dwelling unit $4,851 per dwelling unit


 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.
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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.
Putting Residents First…
     Health Improvements




Slides Courtesy of Tom Phillips, Seattle Housing Authority
       11
Results - Breath Easy Homes Study
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

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All States Have Adopted Green
Programs




13
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

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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




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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




  16
Our Solution:
Enterprise Green Retrofit Program

 An innovative effort to accomplish 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




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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




    18
 What Enterprise Provides


    Whole- Building Analysis
    Energy and Water Usage Data Collection
    Financing
    Assistance with Assembling Subsidy Sources
    Verification and Monitoring
    Training and Education




19
 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




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     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.



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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



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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




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EXAMPLE SF SRO:
PROJECT BUDGET SCENARIO
        Boiler/Motors           32,535
        Windows/Doors          126,175
        Roof Insulation         10,472
        Thermostats             35,700
        DHW                     14,520
        Solar DHW              204,750
        HVAC VFDs               15,862
        Lighting                 4,580
        Refrigerator            54,600
        Toilets                 42,350
        Roof Replacement        73,920
        Contingency             30,773
        OHP                     30,773
        Engineer/Constr Mgmt    15,000

        TOTAL                  692,010

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  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


 25
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 1/4 mile of
       high frequency, high volume bus corridors
 Fund structure
      Public-private partnership
      $15 million in capital
      Purchase and hold sites up to five years




26
TOD Fund Waterfall
Position      Organization                     Amount/ Rate
Equity        Urban Land Conservancy           $1.5 million /0%
First Loss    City of Denver                   $2.5 million/0%
Second Loss   Enterprise Community Partners    $1 million/ 2%

Third Loss    Mac Arthur Foundation            $2 million/ PRI 2%

Third Loss    CHFA                             $2 million/ 2%
Third Loss    Rose Community                   $500,000/ 2%
              Foundation
Senior Debt   Enterprise Community Loan Fund   $5 million / 5%
                 (with Wells Fargo and US
                 Bank)

Senior Debt   Mile High Community Loan Fund    $500,000/ 4%

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TOTAL                                          $ 15 Million/ 3.5%
 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


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Green Communities Offset Fund




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BUILDING 1




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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!




For more information:
Website: www.greencommunitiesonline.org
Mailbox: greencommunities@enterprisecommunity.org
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