ESTHER TOPOROVSKY
Program Director
Green Communities
Enterprise works nationally
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Green Communities Criteria creates green affordable
housing
Integrated
Design
Water
Conservation
Energy
Efficiency
Location and
Neighborhood
Fabric
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Materials Beneficial
to the Environment
Health
Operations and
Maintenance
Existing properties are in need of retrofitting
o Existing buildings emit 21.6% of total U.S. CO2 emissions
o It takes 65 years for a new, energy efficient building to save
the amount lost in demolishing an existing building
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Current market barriers present challenges to retrofitting
o Imperfect information
o Multiple energy audit tools
o Lack of a comprehensive protocol
o Limited technical capacity
o Inadequate financing
o Disaggregated benefits
o Split incentives
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Public policy shapes the retrofit landscape
o ARRA $11.6 billion in Energy Efficiency Funding
o State Energy Program (SEP)
o Weatherization (WAP)
o Energy Efficiency and Conservation Block Grants (EECBG)
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Enterprise addresses retrofitting through pilot markets
A standard retrofit process that is replicable and scalable
for any market that:
o Improves property cash flow
o Improves health of residents
o Creates opportunities for green jobs
o Reduces carbon emissions
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Enterprise provides technical assistance to owners
Combined technical support includes:
oWhole-Building Analysis
oEnergy and Water Usage Data Collection
oFinancing
oAssembling Subsidy Sources
oVerification and Monitoring
oTraining and Education
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Retrofit Toolkit assists owners to evaluate properties
o Steps to Retrofit your Property
o Portfolio Evaluation
o How to Find an Auditor
o Audit Protocols and GCNA Samples
o How to Assemble a Financing Package
o Construction
o Verification and Monitoring
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Enterprise Audit Protocols provide a building assessment
Enterprise Audit Protocols (GCNA & EEWC)
o Building owners, Lenders, Subsidy Providers
Establish
o Clear guidelines to evaluate potential retrofit of a building
Methodology for an audit that provides
o Transparency
o Consistency
o Underwritable Savings
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Financing determines which audit protocol to use
o Ad-On Financing
Property takes on additional debt/or grant funds which is paid
back by operational savings of the improvements
o Retrofit Mortgage Refinancing
Mortgage proceeds from the refinance pay for retrofit
improvements, and debt is paid back by the energy and water
cost savings, over the life of the mortgage
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Ad-On Financing is challenging
o Owner unwilling to take on debt
o Unfamiliar product
o Real Data to prove actual savings
o 50% to 70% subsidy required
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Enterprise is targeting mortgage refinancing for retrofits
Green Mortgage Modifications - Working with public and
private agencies to explore:
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o
Underwriting enhancements - Bridge Loan Product
o
Market Transformations - Green Refinance Plus
Program
Enterprise provides solutions through on the ground
work
Challenges
o Financing Retrofit Improvements
o Assembling Many Different Types of Funding Sources
o Developing Partner Capacity
Solutions
o Multi family Mortgage Financing
o Policy Changes
o Standardized Protocol
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Our Progress
o Retrofit Fund – leveraged $30mmm
o Audits – completing audits on 124 buildings and 6,564 units
by end of year
o Loans – closing on 6 loans by end of year
o Retrofit Toolkit – creating an online one-stop-shop for
developers to access free materials to retrofit their
properties
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Benchmarking our portfolio will track savings
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Green Communities Offset Funding for Retrofits