restricted low-income multifamily housing). FOF 50: It is reasonable to use ESA Program funds for the subset of multifamily buildings dedicated to providing affordable housing to Californians, including deed restricted, government and non-profit owned multifamily buildings, ELIGIBLE MULTIFAMILY including common areas. We do not (page 7 of 7) differentiate between properties that are restricted by deed, by public entity (including federally-recognized tribal or government ownership) or non-profit ownership. 7. ON BILL FINANCING. [Sept 6 Comments] p. 11: “CHPC CHPC is unique in California supported the design and for combining extensive implementation of the Master-Meter experience in housing finance Multifamily On-Bill Repayment (OBR) transactions with a deep Pilot, approved by the Commission in commitment to affordable D. 13-09-044. CHPC developed and housing policy and technical field-tested a pre-pilot OBR program assistance. CHPC provided an and worked closely with nonprofit deed analysis of the problems faced restricted housing owners who attempt by owners of rent-restricted to use this program... The main reason properties in accessing these owners have not used the OBF investment capital for energy program is that the five-year term efficiency retrofits. This and $100,000 financing limits render analysis reflected this program virtually useless for the CHPC’s experience implementing the types of improvements with longer pre-pilot for the estimated useful lives that these Master Meter programs require. prepilot CHPC’s Multifamily Financing Pilot, test of OBR has shown that OBR will be which provides an On-Bill virtually impossible to develop as a Repayment option for energy successful financing tool due to the lack efficiency improvements in of capital sources willing to forgo rent-restricted multifamily traditional loan structures for financing housing, and included of this type.” recommendations to expand and improve this financing [Sept 6 Comments] p. simple 12: “The program to better serve this solution to this problem is to revise the housing sector by providing rules for the On Bill Financing (OBF) more funds over a longer program to enable low-income repayment period. multifamily housing properties to have access to the OBF
ELIGIBLE MULTIFAMILY (page 7 of 7) restricted low-income multifamily housing). FOF 50: It is reasonable to use ESA Program funds for the subset of multifamily buildings dedicated to providing affordable housing to Californians, including deed restricted, government and non-profit owned multifamily buildings, including common areas. We do not differentiate between properties that are restricted by deed, by public entity (including federally-recognized tribal or government ownership) or non-profit ownership. 7. ON BILL FINANCING. CHPC is unique in California for combining extensive experience in housing finance transactions with a deep commitment to affordable housing policy and technical assistance. CHPC provided an analysis of the problems faced by owners of rent-restricted properties in accessing investment capital for energy efficiency retrofits. This analysis reflected CHPC’s experience implementing the pre-pilot for the Master Meter Multifamily Financing Pilot, which provides an On-Bill Repayment option for energy efficiency improvements in rent-restricted multifamily housing, and included recommendations to expand and improve this financing program to better serve this housing sector by providing more funds over a longer repayment period. [Sept 6 Comments] p. 11: “CHPC supported the design and implementation of the Master-Meter Multifamily On-Bill Repayment (OBR) Pilot, approved by the Commission in D. 13-09-044. CHPC developed and field-tested a pre-pilot OBR program and worked closely with nonprofit deed restricted housing owners who attempt to use this program... The main reason these owners have not used the OBF program is that the five-year term and $100,000 financing limits render this program virtually useless for the types of improvements with longer estimated useful lives that these programs require. CHPC’s prepilot test of OBR has shown that OBR will be virtually impossible to develop as a successful financing tool due to the lack of capital sources willing to forgo traditional loan structures for financing of this type.” [Sept 6 Comments] p. 12: “The simple solution to this problem is to revise the rules for the On Bill Financing (OBF) program to enable low-income multifamily housing properties to have access to the OBF