As the Multifamily Initiative has developed, the Companies have formed successful relationships with various financing agencies and entities to further diversify financing options for multifamily property owners. This includes agencies that provide public housing financing—the Connecticut Housing Finance Authority (“CHFA”), Connecticut Department of Housing (“DOH”), and the US Department of Housing and Urban Development (“HUD”). For the 2019-2021 Plan, the Companies will continue to work with the Energy Efficiency Board and the Connecticut Green Bank on optimizing the mix of financing and incentives to make the best use of customer funds. Leveraging Energize Connecticut incentives with low-interest financing can help a property owner afford the capital improvement costs associated with an energy efficiency project. In 2019-2021, the Companies will continue to create collaborative relationships and develop joint collateral with the following entities: Connecticut Green Bank, C4C, DOH, HUD, and CHFA. Table 2-5: 2019-2021 Residential Energy Efficiency Multifamily Financing Solutions* Loan Limits Terms Interest Rate Funding Source Financing Product 1.99% (for properties* serving Max. 24 months Energize CT Pre-Development (or upon (administered by None residents) Energy Loan financing and Connecticut Green installation) Bank) 3.99% (for Market-Rate projects) Low-Income 300 basis points over C4C’s Energize CT Up to 20 years, Multifamily Energy None blended cost of funds (administered by fully amortizing (“LIME”) Loan (currently ~6.00% - 6.99%)* C4C) Energize CT (administered by Catalyst Financing None Up to 15 years Project dependent* Connecticut Green Bank) Energize CT Up to 20 years $10,000 - $300,000 Health and Safety (administered by (plus (waivers for larger Revolving Fund 2.99%* Connecticut Green construction loans are possible) period) Bank) Municipal Loan for 0.5% Public Housing 0% financing for Public Housing (can be amortized Up to 4 years Eversource Authorities Authorities into a loan) (Eversource only)
As the Multifamily Initiative has developed, the Companies have formed successful relationships with various financing agencies and entities to further diversify financing options for multifamily property owners. This includes agencies that provide public housing financing—the Connecticut Housing Finance Authority (“CHFA”), Connecticut Department of Housing (“DOH”), and the US Department of Housing and Urban Development (“HUD”). For the 2019-2021 Plan, the Companies will continue to work with the Energy Efficiency Board and the Connecticut Green Bank on optimizing the mix of financing and incentives to make the best use of customer funds. Leveraging Energize Connecticut incentives with low-interest financing can help a property owner afford the capital improvement costs associated with an energy efficiency project. In 2019-2021, the Companies will continue to create collaborative relationships and develop joint collateral with the following entities: Connecticut Green Bank, C4C, DOH, HUD, and CHFA. Table 2-5: 2019-2021 Residential Energy Efficiency Multifamily Financing Solutions* Financing Product Loan Limits Terms Interest Rate Funding Source Pre-Development Energy Loan None Max. 24 months (or upon financing and installation) 1.99% (for properties* serving residents) 3.99% (for Market-Rate projects) Energize CT (administered by Connecticut Green Bank) Low-Income Multifamily Energy (“LIME”) Loan None Up to 20 years, fully amortizing 300 basis points over C4C’s blended cost of funds (currently ~6.00% - 6.99%)* Energize CT (administered by C4C) Catalyst Financing None Up to 15 years Project dependent* Energize CT (administered by Connecticut Green Bank) Health and Safety Revolving Fund $10,000 - $300,000 (waivers for larger loans are possible) Up to 20 years (plus construction period) 2.99%* Energize CT (administered by Connecticut Green Bank) Municipal Loan for Public Housing Authorities (Eversource only) 0.5% (can be amortized into a loan) Up to 4 years 0% financing for Public Housing Authorities Eversource