Affordable Multifamily Financing Program

CAEATFA is launching the Affordable Multifamily Energy Efficiency Financing Program (Program), designed to leverage and complement existing efforts to finance affordable multifamily energy efficiency retrofits, and to encourage growth in private-market energy efficiency lending.

The Program targets affordable multifamily properties, which have at least 50% of the units restricted to income eligible households, and features a credit enhancement to help financing entities mitigate risk. Products supported include loans, leases, equipment financing agreements, service agreements and savings-based payment agreements.

An on-bill repayment option is scheduled to be added to the program in 2020.

Emergency Regulations for Affordable Multifamily Program

Notice of Emergency

CAEATFA posted a Notice of Emergency Regulations on April 22, 2019 for the Affordable Multifamily Energy Efficiency Program. Click here to view the Notice of Emergency, Finding of Emergency, and Regulation text. CAEATFA plans to submit Emergency Regulations to the Office of Administrative Law on April 29, 2019.

Background

CAEATFA held a public workshop seeking input on the proposed Program design on November 7, 2017. Another public workshop was held on February 26, 2019 followed by a public comment period that ran through March 8, 2019. The Affordable Multifamily Energy Efficiency Financing Program proposed regulations were approved by the CAEATFA Board on April 16, 2019. CAEATFA anticipates approval of the proposed Program regulation by the Office of Administrative Law by mid-May 2019.

A copy of the regulations, the slide presentation describing the program, a video of the workshop, and the corresponding transcript are available:

Click here to view the text of the regulations approved by the CAEATFA Board on 4/16/2019

2/26/2019 Regulations Workshop Presentation

2/26/2019 Workshop Video

2/26/2019 Workshop Transcript

The Affordable Multifamily Energy Efficiency Program includes these features:

• Energy saving measures may qualify through a broadly inclusive list or through a Program Partner, allowing projects to be simple or highly customized and to complement existing multifamily programs within California.
• Participating finance companies receive a credit enhancement in the form of a loss reserve contribution of 15% of up to $1 million in claim-eligible financed amounts
• There are no minimum nor maximum financed amounts, meaning the Program to accommodate very small to very large projects.
• A variety of financing products are supported: loans, leases, equipment financing agreements, service agreements and savings-based payment agreements.

Additional information on the Affordable Multifamily Program can be found at gogreenfinancing.com/multifamily.