A national low-income and sustainable housing non-profit named Enterprise that provides financing and technical assistance launched a multifamily green retrofit pilot program in late 2009. The program has blossomed into a $4 billlion national funding source for low-income green housing. The purpose of the program is to update the older stock of affordable multifamily housing with energy and water saving improvements by providing favorable financing for retrofit investments. Their goals are congruent with RENT IT GREEN: increase net income for owners, improve tenant comfort and reduce the environmental impact of the rental housing sector.
Our difference is financing. While we commend the effort to entice low income housing to adopt energy saving and sustainable improvements, we believe that a majority of multifamily owners can gradually incorporate improvements over regular maintenance calls and during tenant turnover. Enterprise is backing these investments because green improvements have the ability to generate more income and repay loans. The fact that this non-profit is financing loans for low-income property owners speaks volumes to the potential of smart green improvements. Incorporating these upgrades should be a natural business application to increase net income.
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