Affordable Green Housing Gets Boost from Billion-Dollar Funds
Two nonprofit organizations launched billion-dollar programs to boost affordable green housing.
Enterprise Community Partners, Inc., which focuses on community development and affordable housing, announced a $4 billion commitment to the next generation of its Green Communities initiative. Enterprise says its efforts will result directly in the creation, preservation, or retrofit of 75,000 green homes and community and commercial buildings over the next five years. The group will provide loans to owners of existing multifamily buildings in key markets for capital purchases that will reduce energy and water consumption or will lead to more healthy living environments. Enterprise relies on support from a number of banks and foundations, and it is currently drawing on $2.5 million in grants for fundraising.
Enterprise also issued a national call to action to make all affordable housing in the US meet green criteria by 2020. They released a study, "Incremental Cost, Measurable Savings: Enterprise," that demonstrates the return on investment of meeting its Green Communities Criteria. The estimated lifetime savings exceed the initial investment made to incorporate the Green Communities Criteria into affordable housing during construction. See the Enterprise press release (PDF 68 KB), the report, and the Web site for Enterprise Green Communities.
New York-based Community Preservation Corporation (CPC), a nonprofit affordable housing lender, announced a new public-private partnership to provide $1 billion in construction and mortgage loans for energy-efficient upgrades and property retrofits. The loans will go to owners of affordable multifamily rental units and coops in NY State.
CPC says it will identify needed energy efficiency improvements for each building through an energy audit. The goal is to increase fuel and electrical efficiency of existing apartment buildings by 20% or more by financing retrofits for up to 15,000 apartments over the next few years. CPC is drawing on funds from Freddie Mack, NY State and NYC public employee pension funds, private lenders, and other lending institutions. See the CPC press release and the CPC Web page for the Green Financing Initiative.
California Approves Energy Efficiency Standards for Televisions
The California Energy Commission (CEC) approved the nation's first energy efficiency standards for televisions on November 18. When these standards take effect in 2011, televisions sold in California will be the most energy efficient in the nation.
After 10 years, the CEC estimates the regulations will save $8.1 billion in energy costs, while avoiding enough energy use to power 864,000 single-family homes. The Pacific Gas & Electric Company estimates that over the course of a decade, the standards will reduce carbon emissions by three million metric tons. In a typical California home, TVs and related accessories account for about 10% of electricity consumption.
The technology-neutral standards mandate that new televisions sold in California must consume 33% less electricity by 2011 and 49% less electricity by 2013. The standards affect TVs with a screen size of 58 inches or smaller. The CEC notes that over 1,000 TV models on the market today already meet 2011 standards and cost no more than less efficient sets. Stores will not be prohibited from selling their existing stock of older televisions after the standards go into effect. See the CEC press release and the television efficiency regulations.
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EREE Network News is a weekly publication of the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy (EERE).
