The Obama Administration and the state of California are teaming with the Chicago-based MacArthur Foundation on a pilot program whose goal is to unlock Property-Assessed Clean Energy (PACE) financing for multifamily housing.
PACE programs provide money to accelerate renewable energy and efficiency retrofits for energy and water in multifamily housing, with the intention of making that housing more affordable for low-income renters.
California Gov. Jerry Brown announced last month that his administration is creating a California Multifamily PACE program with MacArthur, which has committed at least $10 million in impact investments toward this program and other innovations it is exploring. U.S. Housing and Urban Development Secretary Julian Castro says his department will issue new guidance under which HUD can approve PACE financing on HUD-assisted and HUD insured housing in California. The U.S. Department of Energy is working with the state to assess the performance of this program.
The San Jose Mercury News reports that HUD has also committed to support California’s creation of another pilot financing program for multifamily building, where most or all of the energy use is billed through a common meter.
California’s efforts tie into the Obama Administration’s goal of installing 100 megawatts of renewable energy across federally subsidized housing by 2020. About one-quarter of U.S. households are multifamily, with more than 3 million units in California alone.
Improving energy efficiency in these buildings nationwide by 20% would save nearly $7 billion in energy costs each year and cut 350 tons of carbon pollution in a decade, according to White House estimates.
“Reducing our energy consumption by 50 percent on existing buildings, increasing renewables 50 percent and reducing our petroleum as close to 50 percent as we can,” Brown said about his initiative.
Related Stories
| Jan 21, 2011
Revamped hotel-turned-condominium building holds on to historic style
The historic 89,000-sf Hotel Stowell in Los Angeles was reincarnated as the El Dorado, a 65-unit loft condominium building with retail and restaurant space. Rockefeller Partners Architects, El Segundo, Calif., aimed to preserve the building’s Gothic-Art Nouveau combination style while updating it for modern living.
| Jan 21, 2011
Upscale apartments offer residents a twist on modern history
The Goodwynn at Town: Brookhaven, a 433,300-sf residential and retail building in DeKalb County, Ga., combines a historic look with modern amenities. Atlanta-based project architect Niles Bolton Associates used contemporary materials in historic patterns and colors on the exterior, while concealing a six-level parking structure on the interior.
| Jan 20, 2011
Worship center design offers warm and welcoming atmosphere
The Worship Place Studio of local firm Ziegler Cooper Architects designed a new 46,000-sf church complex for the Pare de Sufrir parish in Houston.
| Jan 19, 2011
Baltimore mixed-use development combines working, living, and shopping
The Shoppes at McHenry Row, a $117 million mixed-use complex developed by 28 Walker Associates for downtown Baltimore, will include 65,000 sf of office space, 250 apartments, and two parking garages. The 48,000 sf of main street retail space currently is 65% occupied, with space for small shops and a restaurant remaining.
| Jan 7, 2011
Mixed-Use on Steroids
Mixed-use development has been one of the few bright spots in real estate in the last few years. Successful mixed-use projects are almost always located in dense urban or suburban areas, usually close to public transportation. It’s a sign of the times that the residential component tends to be rental rather than for-sale.
| Jan 4, 2011
An official bargain, White House loses $79 million in property value
One of the most famous office buildings in the world—and the official the residence of the President of the United States—is now worth only $251.6 million. At the top of the housing boom, the 132-room complex was valued at $331.5 million (still sounds like a bargain), according to Zillow, the online real estate marketplace. That reflects a decline in property value of about 24%.
| Jan 4, 2011
Grubb & Ellis predicts commercial real estate recovery
Grubb & Ellis Company, a leading real estate services and investment firm, released its 2011 Real Estate Forecast, which foresees the start of a slow recovery in the leasing market for all property types in the coming year.
| Dec 17, 2010
Condominium and retail building offers luxury and elegance
The 58-story Austonian in Austin, Texas, is the tallest residential building in the western U.S. Benchmark Development, along with Ziegler Cooper Architects and Balfour Beatty (GC), created the 850,000-sf tower with 178 residences, retail space, a 6,000-sf fitness center, and a 10th-floor outdoor area with a 75-foot saltwater lap pool and spa, private cabanas, outdoor kitchens, and pet exercise and grooming areas.
| Dec 17, 2010
Luxury condos built for privacy
A new luxury condominium tower in Los Angeles, The Carlyle has 24 floors with 78 units. Each of the four units on each floor has a private elevator foyer. The top three floors house six 5,000-sf penthouses that offer residents both indoor and outdoor living space. KMD Architects designed the 310,000-sf structure, and Elad Properties was project developer.
