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.
TBL Fund, as an organization that receives federal funds to operate some of our programs and services, makes the following assurances:
- As provided by Section 504 of the Rehabilitation Act of 1973, no person with a disability shall be excluded or denied equal opportunity to receive TBL Fund’s program benefits and services.
- As provided by Title VI of the Civil Rights Act of 1964 as amended, and the Civil Right Restoration Act of 1987, no person shall on the grounds of race, color, national origin, or sex be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination by TBL Fund’s programs or activities receiving federal financial assistance.
- TBL Fund further assures that every effort will be made to ensure nondiscrimination in all its programs and activities, whether those programs and activities are federally funded or not.
Any person who believes they have been subjected to discrimination may file a complaint with TBL Fund. Additional information and the Title VI Complaint process procedure and form can be obtained by contacting us.
Complainants also have the right to complain directly to the Department of Treasury. Complaints must be filed within one hundred eighty (180) calendar days of the last alleged incident.
U.S. Department of the Treasury, Director, Office of Civil Rights and Equal Employment Opportunity
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220
(202) 622-1160
crcomplaints@treasury.gov
