The Problem
Home affordability not only includes rent, but also utility bills, health care and transportation costs. Low-Income (LI) tenants living in multifamily affordable housing (MFAH), pay 4x what an average household pays for their utility and health care costs, as a percent of their income. The 2nd largest cause of homelessness is the inability to pay utility bills. MFAH stock is typically older, inefficient, and unhealthy, as compared to market rate properties.
Our Solution
TBL Fund offers customized financing products designed to help owners of MFAH properties retrofit existing buildings with upgrades to improve the building’s energy efficiency, and healthy, safety, and comfort for its residents. Green retrofits can reduce the operational costs, and tenant turnovers, while increasing occupancy rates, leading to better net operating income (NOI). TBL Fund uses a blend of rebates, incentives, and financing to create the best solution for each of our customer.
Our Financial Products help with:
Green Upgrades in Multifamily Affordable Housing
- Reduce or eliminate an owner’s upfront out-of-pocket costs
- Project savings outweigh costs and provide benefits for the 20-year life of the upgrades
- Leads to higher NOI for the property
- Improvements preserve affordable housing, and result in safer, healthier, and more comfortable housing for tenants.
Clean Energy Deployment in Tribal Communities
- Generate consistent income for Tribes for 20-25 years, without any upfront investment
- Reduce utility costs for Tribal members
- Generate local jobs for Tribal members
- Keep money in local economy
TBL financing wraps around the construction period and generally extends for a period of 5-25 years.
Financing Process
Each application undergoes a strict review process. TBL Fund considers each applicant's project feasibility, organization, and financial strength, as well as social impact criteria. Applicants must agree to submit periodic reports and financial statements as outlined in the Commitment Letter and Financing documents. TBL Fund will keep in touch with you via email, telephone, and in person site visits throughout the life of the loan.
- TBL Fund does not make emergency loans. The process for financing can take between 1-8 weeks after a full application is submitted.
- TBL Fund does not make grants.
- All fees and closing costs are charged to borrowers and are determined at the time of application.
Steps in Loan Application Process
- Loan Inquiry
- Application
- Underwriting
- Loan Committee Approval
- Board Approval
- Commitment
- Pre-Closing Documents
- Disbursement
- Repayment and Monitoring
TBL Fund offers financing through a blend of options available to MFAH property owners and Indigenous communities.
Besides Debt, TBL Fund offers energy financing through Energy Performance Contracts (EPC), Property Assessed Clean Energy (PACE), Power Purchase Agreements (PPA), and Energy as a Service (EaaS) that could be off-balance sheet and an alternative to debt.
Additional Federal and State incentive and utility rebate programs are available in select areas of the country.
Please contact us to ask questions about financing with TBL Fund or schedule an appointment with a member of our financing team.
