Although multifamily buildings (i.e., apartment and condominium buildings) comprise only 6% of America's housing stock, they are responsible for 9% of the housing sector's energy consumption. A recent Rockefeller Foundation report estimated the potential energy savings in these buildings at 174 trillion Btu (British thermal units) per year. But billions of dollars in upfront investment will be needed to realize these savings (as well as significant cost savings from operations), in both the construction of new, energy-efficient multifamily buildings and the retrofitting of existing buildings.
IMT's Finance group will seek solutions by pushing the envelope of a host of funding methods, including: private financing; bank loans; GSE and government mortgages; and tax credits. We will also consider and evaluate more novel financing approaches. Some recent market-based financing solutions of interest are PACE, energy service agreements, on-bill financing, tax-increment financing, and energy performance contracts.
Shown above: Via Verde / The Green Way, a new affordable housing development in Bronx, N.Y., designed by Dattner Architects & Grimshaw for high energy efficiency. Photo © 2012 David Sundberg/ESTO and courtesy of Bright Power, Inc., project consultants who provided savings analysis for a range of energy conservation measures.