TBL Fund is preparing to utilize its expertise at the intersection of green financing and multifamily affordable housing to create and lead a MFAH Greenhouse Gas Reduction Fund (GGRF) Coalition.
The EPA’s Greenhouse Gas Reduction Fund is a first-of-its-kind program that will provide $27 Billion in competitive grants to mobilize financing and leverage private capital for clean energy and climate projects that reduce greenhouse gas emissions – with an emphasis on projects that benefit low-income and disadvantaged communities.
TBL Fund is a well-respected expert in this space, as a Technical Assistance provider for the U.S. Department of Housing and Urban Development and as a financial ally to the Department of Energy’s Better Building Challenge.
TBL Fund looks to manage a MF-specific GGRF funding pool. A central component of this effort will be the creation of a [RK1] Revolving Loan Fund to make extremely inexpensive capital available to CDFI’s for MFAH EE and RE upgrade projects.
TBL Fund will help members of the coalition in accessing and utilizing the capital available through the fund. It will do so by providing technical assistance on needed energy modeling and building assessments to ensure proper structuring of financing instruments to building owners; as well as providing grant funding for those coalition members who need additional capacity for emission reduction projects. Each partnerwill be able to draw from the investment pool as they identify multifamily affordable housing projects that meet the EPA requirements for eligibility. TBL Fund will also commit resources to leverage funding from banks, foundations and corporations nationwide to create a much greater impact. By putting the EPA Greenhouse Gas Reduction Fund money to work as a revolving loan fund, TBL Fund and its coalition partners will be able to multiply the velocity, utility, and end-user benefits of those funds as capital is repaid and then redeployed from the fund in perpetuity, upgrading and preserving affordable housing projects all over the USA, increasing the comfort and safety of MFAH residents and reducing their living expenses, bringing Environmental Justice and Climate Equity to communities previously locked out of the Clean Energy movement.
CDFI and Credit Union partners interested in joining the coalition can contact Scott Griffin, TBL Fund Business Development Manager, at scottg@tblfund.org for more information.