This affordable 112,000 SF $19 million multifamily housing property built in 2007 wanted to improve their overall building performance, reduce energy costs and reduce operating costs.
This $340,000 project demonstrates PACE's application to an affordable multifamily housing property. This property is part of HOPE VI program administered by the US Department of Housing and Urban Development (HUD). Units within the building are individually metered and the tenants’ electricity bills are subsidized through the HUD utility allowance program.
The project include lighting improvements, controls system and 37kW solar array.
The project term was 10 years with a 20 year amortization. The project reduced energy use by 15% and resulted in annual benefits totalling $40,000.
While this project is in Washington D.C., more information on HUD as it specifically pertains to California's program can be found here file:///C:/Users/MSOffice/OneDrive/HUD%20Documents/HUD%20California%20Guidance%20mf_pace_ca_memo.pdf