Enterprise Community Loan Fund Recieves $5.5 Million to Finance Energy Efficiency Retrofits

|   By
Heather Raspberry, Housing Association of Nonprofit Developers
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This news release announces that the Enterprise Community Loan Fund has received a $5.5 million low-cost loan and operating grant from Bank of America to expand its energy efficiency and retrofit financing program for affordable rental properties in several locations which may include Baltimore, Boston, Charlotte, N.C., Chicago, Los Angeles, New York, Philadelphia, San Francisco, Seattle and Washington, DC.

Enterprise Community Loan Fund is one of the Community Development Financial Institutions (CDFIs) selected to participate in Bank of America’s $55 million Energy Efficiency Finance Program announced in 2010. The program enables CDFIs to finance green retrofits and environmental initiatives in low-income communities, bringing to scale innovative, local programs, providing energy efficient retrofits and other improvements to buildings, contributing to local job creation and reducing overall energy usage. The program will reduce carbon emissions from residential and commercial buildings, which account for nearly 40 percent of all energy consumption in the United States. The loan will be repaid with the long-term cost savings realized by the reduction in utility costs.

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