In a traditionally difficult sector to address, multifamily projects have a significant need for predevelopment financing, trusted technical support, and streamlined access to funding programs. In 2015, CT Green Bank developed a pre-development energy loan program to support property owners in identifying high-quality technical assistance providers, and to fund the work needed to scope and secure financing for deeper, cost effective energy upgrades. Through this program, CGB uses a US$650,000 revolving loan fund to directly offer loans of 0.0% (LMI) to 2.99% (non-LMI) and up to two year terms.
CGB originates these loans, in partnership with partners. Owners can petition for loan forgiveness of the Navigator loan, if for some reason a project is unable to proceed to implementation. The affordable multifamily version of this program is housed at the Housing Development Fund, a local CDFI, and part of a US$5 million program related investment from MacArthur Foundation is being used to support the program. Ideally, the pre-development loans will be used to help clients get to the point where they can take advantage of the LIME loan program. Read about how one pre-development loan is helping preserve affordable housing in Connecticut: https://ctgreenbank.com/seabury-coop-financing/.