WASHINGTON, JUNE 27, 2013 — /PRNewswire/ — Urban Atlantic announced today that its affiliate company Urban Energy Advisors, the Program Manager for the Washington, DC PACE Commercial Program, has completed theProperty Assessed Clean Energy (PACE) financing for an affordable 139-unit multifamily building in the District of Columbia. This is the nation’s first PACE-financed affordable housing endeavor. The total amount of the project is $340,000.
“This is a game changer for saving money and conserving energy in the affordable housing industry. By allowing property owners to finance green building upgrades with no out-of-pocket payments, repaid through a special tax assessment, we reduced the risk of lending and improved operating incomes on day one. This project has cracked the code for using PACE financing in affordable housing and multi-family apartment buildings, where the need for new investment is high but capital can often be constrained. This approach has huge potential to be replicated nationwide,” said Bracken Hendricks, Managing Director of Urban Energy Advisors. Read more.