Affordable Housing Solar Project Thrives with Dividend’s Commercial PACE Financing

Dividend’s Commercial PACE team has been very busy in the past year, continuing to grow the commercial side of our business. One such highlight from 2018 was a Solar PV carport project that the Elderly Housing Development and Operations Corporation (EHDOC) utilized Dividend Commercial PACE to finance. This was the first time that two US Department of Housing and Urban Development (HUD) financed properties were converted to solar using PACE financing. These housing projects were such a success that our team was invited to present on their success at the California Council of Affordable Housing (CCAH) Spring Conference this past May.

The Backstory

In 2015, the EHDOC CEO committed to converting the first two of its five California properties to renewable energy to reduce their carbon footprints and create a better standard of living for their tenants. After selecting a project developer and an EPC, EHDOC tackled how it would pay for this project.

In addition to the challenge of a narrowing spread between operating revenue and expenses that multifamily affordable housing owners face, many aging properties exhibit infrastructural deterioration that significantly increases energy and retrofit costs. California also mandates energy efficiency requirements but does not provide funding sources. These two factors motivated EHDOC to secure a creative financing solution that would allow it to complete the project with minimal initial investment and ongoing cost – Insert Dividend’s Commercial Property Assessed Clean Energy (PACE) Financing Team.

To finish the story and learn about the many factors that led to the success of the project, download the case study or even more detailed white paper below.

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