1. Financing Green Retrofit
Improvements with Energy
Savings
Partners In Innovation Conference
Boston, MA
April 14, 2010

2. Extending Enterprise’s Vision
“What ought to be, can be, if we have the will to make it so.”
- James W. Rouse
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3. Integrated
Design
Materials Beneficial
Water to the Environment
Conservation
Energy Location and
Efficiency Neighborhood
Fabric
Operations and
Health Maintenance
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Green Communities Criteria

4. Evaluation Findings
In 2009, Enterprise released report
evaluating cost effectiveness of the
Green Communities Criteria,
Incremental Cost, Measurable
Savings
 Estimated lifetime savings
exceed the initial investment of
incorporating Green
Communities Criteria into
affordable housing
 Direct savings come from
energy and water conservation
measures
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5. Key Findings
Cost to incorporate the Projected “Lifetime”
Green Criteria Utility Cost Savings
$4,524 per dwelling unit $4,851 per dwelling unit
 Average cost per unit to meet Energy and Water Criteria = $1,917
 Energy and water efficiency measures paid for themselves as well
as produced $2,900 in projected per-unit lifetime savings.
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6. Enterprise Green Retrofit Pilots
An innovative effort to improve energy and water
efficiency in older affordable multifamily buildings by
providing technical support, energy funding, utility rebate
and incentive resources and debt to accomplish green
retrofit projects.
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7. Goals of the Pilot
To create a replicable and scalable approach
to funding energy efficiency and water conservation
upgrades in affordable multifamily housing, while….
 Improving property cash flow
 Dovetail with larger scale rehab efforts
 Linking to green jobs programs
 Improving health of buildings and residents
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8. WinnCompanies
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9. Sustainability Highlights – WinnCompanies
 2010 WinnGreen Operations
Manual
 Green Purchasing Standards
 Measurement and Verification
Guidelines
 Green Cleaning
 Integrated Pest Management
 Energy and Water Assessments
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10. BTU/Square Foot/Heating Degree Day
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-
10.0
15.0
17.5
20.0
22.5
25.0
2.5
5.0
7.5
Castle Square
7.98
Coes Pond Village
12.5 12.25 11.71
Eastbrook Village
Edgewood Apartments
10.40 10.09
Hartley Terrace
5.32
Heritage House
7.65
Kendrigan Place
5.30
Mill Valley Estates
7.62
Museum Park Condos
4.20
Mystic Place
3.67
Nazing Court
4.87
North Village
8.07
Northern Heights
15.30
Northgate
4.65
Olde English Village
10.39
Parkside Village
12.22
Pequot Highlands
11.70
Heat and Hot Water Usage (BTU/sf/HDD)
Redwood Terrace
12.64
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Sustainability Highlights – WinnCompanies
Saxonville Village
6.49
Stony Brook Village
22.50
Village At Brookline
14.28
Walden Square
15.61
Wellington Community
11.14

11. Sustainability Highlights – WinnCompanies
 Pickle Ditson Lofts - LEED Silver
 Historic Mill Redevelopment in Boston’s Mission Hill
neighborhood
 Focus on high performance HVAC, insulation and air infiltration
 43 units
designated for
low-income
housing
 Establishes design
and performance
standards for
future projects
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12. Sustainability Highlights – WinnCompanies
In 2008, Winn installed 1 Megawatt of solar
photovoltaic capacity.
• Power Purchase Agreements: Properties make no upfront
investment, and pay a reduced rate for solar electricity.
Partnerships with:
• Massachusetts Technology Collaborative
• Connecticut Innovations
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Bowdoin Apartments - Rolling Ridge - Sunset Ridge - Whalers Place - Stony Brook Village - Mill Pond – Walden Square – North Village

13. Lender – Borrower Issues and Perspectives
 Who is the Borrower
 Loan Amount
 Term
 Interest Rate
 Use of Funds
 Debt Service Coverage
 Equity/Advance Rate
 Repayment Schedule
 Guaranty
 Technical Advisor
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14. Example project – HVAC and Insulation Upgrade
 Rolling Ridge Boiler Replacements
 Existing Boilers required replacement
 New High Efficiency Boilers selected/designed
 Air Sealing and Insulation of Attic Spaces
 Rebate Acquisition
Costs Savings
Total Cost = $384,000 Savings per year = ~$40,000
Rebate = $140,000 75% of Savings = $30,000
Net Cost = $244,000 Simple payback = 8.1 years
Payback @ 3.75% = 10 years
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15. Rolling Ridge Apartments:
Before……
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16. Rolling Ridge Apartments
After…
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17. Establishing a Baseline
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18. Measuring Energy Savings
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19. Other Enterprise Green Retrofit Pilot Program?
 Pooling philanthropic or grant dollars to write down the
interest rate and establish a “first loss” cushion in
combination with other long-term debt
 Working in CA with 5 non-profit affordable housing
developers on 15 properties in SF, Berkley and Oakland
 The OH Retrofit Fund targets LIHTC properties in Year
10 or older.
 Washington State Green Retrofit Fund-Savings to repay
loan over 5 year period
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20. FOR MORE INFORMATION:
Alma Balonon-Rosen
Director-Relationship Manager-East Region
Enterprise Community Partners
75 College Avenue, Suite 422
Rochester, New York 14607
Abalonon-rosen@enterprisecommunity.org
Darien Crimmin
Energy Efficiency Project Manager
WinnCompanies
6 Fanueil Hall Marketplace
Boston, MA 02109
dcrimmin@winnco.com
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