PACE Financing for USDA Multifamily Properties

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Presentation transcript:

PACE Financing for USDA Multifamily Properties How the Lean & Green Michigan PACE market is leading the charge in energy upgrades to affordable housing Andy Levin, JD President, Lean & Green Michigan andy@levinenergypartners.com www.leanandgreenmi.com Copyright © Levin Energy Partners, LLC. All rights reserved. www.leanandgreenmi.com Mansoor Ghori Managing Director, Petros Partners Mansoor@petrospartners.com www.petrospartners.com

Copyright © Levin Energy Partners, LLC. All rights reserved. Lean & Green Michigan fast-growing statewide PACE market Statewide “co-op” No taxpayer $ to create or run program, and none in the deals Creates one big, efficient open PACE market 26 local govt’s have joined program representing 53% of population Even more of biz-to-biz economy Copyright © Levin Energy Partners, LLC. All rights reserved. www.leanandgreenmi.com

Cambridge Court Apartments Greenville, Michigan First USDA-approved PACE project with USDA as mortgage holder One of the first PACE/REAP grant project combos $115,000 in solar, boilers, controls, low-flow plumbing at Lifetime positive cash flow to property Copyright © Levin Energy Partners, LLC. All rights reserved. www.leanandgreenmi.com

PK Housing – Petros Partnership: Phase One Cambridge Court completed Five additional projects on four properties are queued & awaiting USDA approval Upper & Lower Peninsulas $1.045 million in additional investment = over $2 million in savings Benefits of partnership Streamlined process Reduced admin/legal fees