Posted on January 18, 2013
BOSTON, Jan. 18, 2013 --- In an effort to help affordable housing owners reduce costs and make their properties more energy efficient, the Massachusetts Housing Partnership (MHP) is offering a new loan program to help its borrowers make energy improvements.
Called the Energy Performance Improvement Program (EPIP), MHP has set aside an initial $3 million from its bank-funded loan pool to support upgrades that will reduce energy consumption and costs.
The program is for owners of existing multifamily properties who have received first-mortgage financing from MHP. A version of this program is also available for new MHP borrowers who wish to incorporate energy efficiencies into their affordable housing properties.
MHP created the EPIP program to complement other new energy programs that provide grant funding for energy assessments. These programs include the Low-Income Multi-Family Retrofit Program and the Massachusetts Green Retrofit Initiative, a new program co-sponsored by New Ecology Inc. and the Boston office of the Local Initiatives Support Corporation, with funding from the Barr Foundation and the federal government's Department of Housing and Urban Development (HUD).
"With these new grants for energy assessments now available, we have created a opportunity for our borrowers to act on this information and take steps to make their buildings operate more efficiently and affordably," said Mark Curtiss, MHP's managing director.
To utilize EPIP, existing MHP borrowers would apply for an energy assessment and then work with Boston Community Capital (BCC) on the implementation of a program to reduce energy costs with financing from EPIP.
BCC will assist borrowers in developing a renovation plan that includes a scope of work, budget, schedules and an analysis of projected energy usage reductions following the renovations. In addition, BCC will provide a performance guarantee that mitigates the risk to EPIP borrowers in the event the energy conservation improvements fail to generate projected usage reductions.
"BCC's willingness to work with property owners and to provide a performance guarantee that these changes will result in energy efficiencies is another sign of their continuing commitment to making affordable housing properties more efficient," said Clark Ziegler, MHP's executive director.
More information can be found on the EPIP web page. This information includes EPIP guidelines, the EPIP term sheet and the EPIP Statement of Interest, which MHP borrowers should fill out first to begin the process of applying for EPIP financing.
To speak with someone about EPIP, contact Portfolio Program Manager Tom Hopper at thopper@mhp.net or 617-330-9944 x348.