Recent thought leadership in green financing suggests that collaboration between organizations, particularly across silos, is the key to achieving climate goals, scalable and replicable projects, and deep energy retrofits in America’s aging multifamily housing supply. Organizations from the Department of Energy to the American Council for an Energy-Efficient Economy vouch for this idea, emphasizing the need for diverse skillsets and talents, such as innovate financing, to come together and break down barriers to tackle the complexities of climate change and beneficial electrification.
Together with our partner organization, ICAST, we have been able to put these principles into action. The result is deeply impactful retrofits, beneficial electrification that drastically reduces utility costs, and safer, healthier, and more resilient homes in the face of extreme weather events. ICAST administers Weatherization Assistance Programs and demand-side management utility programs in many states, often acting as a one-stop-shop general contractor for individual retrofit projects. As a Community Development Financial Institution, Triple Bottom Line Foundation supplies innovative financing products to achieve these advanced solutions. Our bridge loans and gap financing help property owners cover upfront capital costs when existing funding falls short or is tied up in after-project incentives like tax credits and rebates. We also provide guidance on accessing all relevant grants and incentive programs, unlocking the full potential of retrofit projects in multifamily housing communities.
Pairing our innovative financial acumen with ICAST’s expertise in servicing multifamily homes leads to meaningful changes in people’s lives. Recently, we helped finance ICAST’s work retrofitting 80 units at Summercrest Apartments in North Knoxville under Tennessee’s Weatherization Assistance Program. The improvements included HVAC upgrades, insulation, smart thermostats, and more. These upgrades significantly reduced energy costs, enhancing residents’ quality of life by improving comfort, health, and financial savings. After upgrades were complete, Summercrest resident Renee Campbell stated, “It was a great feeling opening up my [Knoxville Utilities Board] bill and seeing the amazing drop down, the lower cost of my bill.”
Our financial products paired with ICAST’s turnkey services are essential in allowing affordable housing providers to access advanced energy solutions without compromising the affordability of their properties