How multifamily property owners can afford energy and water upgrades
Energy expenses can be one of the largest operating costs for a multifamily building. Water usage can add up too, especially in Texas where water expenses are the 10th highest in the country. It doesn’t help that energy and water expenses are variable, making the costs unpredictable for you and your tenants.
To reduce costs, multifamily property owners need to replace inefficient equipment in favor of energy efficiency and/or water conservation improvements. The real challenge is how can you afford energy and water upgrades to achieve this savings?
In cooperation with local governments, Commercial Property Assessed Clean Energy (C-PACE) is a financing program that helps multifamily property owners with 5 or more units make energy and water improvements to their buildings. Multifamily property owners can take advantage of longer term financing and typically pay no costs upfront. C-PACE projects are funded through an annual, voluntary tax assessment that attaches to the property—not you personally. If you sell your property before the term expires, the loan may be transferable to the new owner.
What types of multifamily properties qualify?
Multi-family complexes with a minimum 5 units, including garden apartments, mid-rise apartments, and high-rise apartments.
Achieve real savings early on and help make your building more appealing and affordable to tenants. To learn more and to determine your eligibility, contact Lone Star PACE today.
Lone Star PACE has years of experience administering C-PACE programs for Texas, helping multifamily property owners to take advantage of affordable financing.
Are you a contractor, lender, or commercial property developer? Read on for more details.
Contractors: Are you working on a multifamily property? Try taking advantage of C-PACE financing. Did you know that C-PACE financing can be used in conjunction with tax incentives and utility rebates, helping to reduce the cost of multifamily projects? This frees up capital for multifamily property owners and provides a way to increase the scope of the job. Create a more modern, valuable building for owners—all while putting more money in your pocket.
Lenders: Are your multifamily clients aware of the C-PACE program? Don’t forget to spread the word! Add more multifamily property owners to your portfolio and help your community take advantage of this opportunity.
Commercial property developers: Are you building or upgrading an apartment complex in Texas? Add more affordable financing to your capital stack. C-PACE financing is not as costly as traditional gap financing options, is non-recourse, posing no risk to you personally. Attached to the property through an annual tax assessment, the loan easily transfers to a new owner. Help develop a more valuable, competitive multifamily building!
Sources: https://betterbuildingssolutioncenter.energy.gov/challenge/sector/multifamily, https://worldpopulationreview.com/state-rankings/water-prices-by-state