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KEEA/PBI Energy Efficiency 2013 Multifamily Programs

KEEA/PBI Energy Efficiency 2013 Multifamily Programs. Tom Corbett, Governor    Brian A. Hudson, Sr., Executive Director/CEO. www.phfa.org. PHFA. The Pennsylvania Housing Finance Agency : Created by the Pennsylvania legislature in 1972

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KEEA/PBI Energy Efficiency 2013 Multifamily Programs

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  1. KEEA/PBI Energy Efficiency 2013 Multifamily Programs Tom Corbett, Governor    Brian A. Hudson, Sr., Executive Director/CEO www.phfa.org

  2. PHFA • The Pennsylvania Housing Finance Agency: • Created by the Pennsylvania legislature in 1972 • Provides the capital for decent, safe, and affordable homes and apartments for older adults, persons of modest means, and those with special housing needs • Has provided almost $11 billion in funding for over 120,000 single family homes and 83,000 multifamily apartments • Created the Preservation through Smart Rehab Program in 2008

  3. Multifamily Defined • Five or more rental units under common ownership • Ownership structures • Limited Project Partnerships (for profit or nonprofit general partners • Nonprofits • Cooperatives • Typically one property per owner entity

  4. Existing Affordable Housing • Very large inventory that could benefit from energy improvements • Affordable multifamily housing typically falls under one or more of these programs: • Housing and Urban Development (“HUD”) • U.S. Department of Agriculture (“USDA”) • Low Income Housing Tax Credits (“LIHTC”) • Public Housing Authorities (“PHA”) • Other – Community Development Block Grant Program, Federal HOME Program, State programs, etc.

  5. Preservation through Smart RehabBackground • Over 140,000 units of existing affordable housing in Pennsylvania, plus housing authority units • Over 60 percent were built over 20 years ago • Rising cost of operations – utility costs • Need to reduce consumption and expenses associated with existing affordable housing stock.

  6. Preservation through Smart Rehab Goals • Reduce the operating costs of our multifamily properties • Preserve the affordable housing units • Diminish the level of natural resources used by this inventory

  7. Preservation through Smart RehabCommitted Funding Sources • PHFA • West Penn Power Sustainable Energy Fund • MacArthur Foundation • Rural Development • ARRA – Weatherization Funds • Project Reserves • Utility Companies

  8. Preservation through Smart Rehab Results • Number of developments retrofitted – 109 • Number of units – 8308 • Average cost per dwelling unit - $3,000

  9. Barriers Faced by Program • Owner lack of understanding regarding the benefit of energy retrofits • Owner lack of knowledge of the retrofit process • Owner time constraints when juggling various priorities • Lack of capacity and/or capability of staff and property management • Hesitancy of the limited partners

  10. Multifamily Energy Retrofit Process • Benchmarking • Analysis of utility bills • Energy audits and recommendations • Sources of low cost financing • Construction oversight • Maintenance staff training • Tenant outreach and education • Post retrofit analysis

  11. Benchmarking and Data Collection • Benchmarking – cataloging inventory of properties and documenting current utility usage • Tracking changes made to the property • Documenting impact of investment (energy savings) in terms of energy usage, cost, and carbon footprint • PHFA utilizes EnergyScoreCards from Bright Power (www.brightpower.biz) • Another good benchmarking program is from WeGoWise (www.wegowise.com)

  12. Energy Audits • Should be comprehensive and detailed • Analyzes past energy usage and provides • List of energy savings measures • Estimated installation costs • Energy savings • Utility cost savings • Payback period • Life cycle cost savings • Savings to investment ratio • Energy Auditor should have the Building Performance Institute (BPI) Multifamily Analyst certification (or similar designation) • PHFA sponsored energy auditor training

  13. Barriers to Production • Availability of low cost financing • Cannot be securitized by the property or guaranteed by the owner • Must have low interest rates • Some possibilities include on-bill financing/ repayment, carbon credits and capital reserve funding • Volatility of energy prices • Limited partner approvals

  14. Contact Information David L. Evans Assistant Executive Director of Multifamily Housing Pennsylvania Housing Finance Agency 211 North Front Street Harrisburg, PA 17101 717.780.3928 devans@phfa.org

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