Author: Daniel Lebiednik

DC Green Bank is proud to announce the closing of $3 million in financing to improve the energy efficiency of a new building in the Barry Farm redevelopment in Ward 8. The new building, The Edmonson, will be all-electric and seek Passive House certification, one of the highest standards for green buildings, and will deliver 139 new permanently affordable sustainable housing units.

The project is financed through a unique collaboration by the Deputy Mayor for Planning and Economic Development, DC Green Bank, JPMorgan Chase, DC Housing Finance Agency, and the Public Service Commission of the District of Columbia, and co-developed by Preservation of Affordable Housing and the District of Columbia Housing Authority.

DC Green Bank’s financing will support the installation of a geothermal heat pump – a highly efficient heating and cooling system that will cut utility costs and increase climate resiliency for the community by reducing reliance on the electric grid. The geothermal system also has the potential to serve future construction projects in the redevelopment of the community, benefiting future residents. The building will also include a rooftop solar system and several innovative green features, such as energy recovery ventilation and solar shading.

“This historic investment in a community that has been too often left behind is not only delivering affordable housing, but also putting the residents of Barry Farm at the forefront of a clean energy future,” said Trisha Miller, CEO of DC Green Bank. “DC Green Bank is proud to be a partner in the redevelopment of Barry Farm and to invest in green affordable housing for residents of Ward 8.”

Originally established after the Civil War as the first African American homeownership community in Washington, D.C. for newly freed slaves, Barry Farm is a historic neighborhood in Southeast DC. With input from residents, the Ward 8 neighborhood is in the process of being redeveloped to replace dilapidated public housing with a revitalized mixed-income and mixed-use community as part of the District’s New Communities Initiative.

A new article in Multi-Housing News by Patricia Kirk features DC Green Bank in an overview of how green banks, boosted by new funding from the Inflation Reduction Act, can accelerate the transition to green energy and crowd in public investment in their communities.

From the article:

“Last year, for every dollar we invested in a project, more than eight additional dollars flowed in from private and other public partners, unlocking more than $130 million in overall community investment,” [DC Green Bank CEO Trisha Miller] added. Since established, the DC Green Bank has leveraged $50 million in direct public investment to generate $300 million in investment by capital partners.

The DC Green Bank focuses on supporting diversity in green development, which enables it to meet collective climate, energy, and community development goals, Miller said. “We work deliberately to meet communities and borrowers where they are, including supporting emerging developers with technical assistance.”

Read the full article at https://www.multihousingnews.com/can-green-banks-fastrack-the-switch-to-clean-energy/

(Washington, D.C.) – The DC PACE Program and Peachtree Group are proud to announce the closing of $3.5 million in financing to improve the sustainability and energy efficiency of a new five-story mixed-use building in Ward 5. This project will include solar panels, insulation, LED lighting, and energy-efficient water fixtures and elevators. These measures will result in estimated annual reduction in electricity usage of 134,279 kWh and annual water reduction of 326,050 gallons, saving more than $2 million over the expected life of the equipment. The completed building at 1717 Hamlin St. NE will deliver 26 homes and 1,500 square feet of retail space. The new building is anticipated to create up to 18 permanent jobs.

“This project shows the best of what the DC PACE Program has to offer: clean and sustainable development, access to capital for a small business owner, and investment in a historically underserved community,” said Ronald Hobson, DC PACE Program Director. “We are proud to continue this valuable partnership with Peachtree Group to provide flexible financing that supports developers of all sizes while helping to achieve our sustainability goals.”

With this project, Peachtree Group, formerly known as Stonehill PACE, has now successfully invested more than $20 million in projects in the District through the DC PACE Program. These four projects are estimated to reduce energy use by more than 4.2 million kWh annually – the equivalent of more than 570 homes.

“We are excited to partner again with the DC PACE Program and proud to have invested more than $20 million in the District with commercial PACE to date,” said Jared Schlosser, EVP and head of CPACE at Peachtree Group. “Commercial PACE enables the refinancing of completed and ongoing construction projects. In today’s market, this translates to fresh capital infusion to manage ongoing expenses and debt service, which helps owners meet their obligations.”

“The DC PACE Program and Peachtree Group empowered us as a resident-owned Certified Business Enterprise to invest in making this new building energy efficient and bringing much-needed housing to Ward 5,” said Mel Negussie, owner of NT Group, the developer of the property. “This project exemplifies the tangible impact of DC PACE in driving sustainable growth and economic prosperity in the District.”

1717 Hamlin St. NE is expected to be completed by summer 2025.

Full press release

The Department of Energy and Environment (DOEE) and DC Green Bank led a District-wide application for funds under the Environmental Protection Agency’s (EPA) Solar for All Program and we are pleased to announce that DC will be receiving $62.45 million to deploy solar and battery storage projects in low-income and disadvantaged communities. These resources will help us to build on the existing successful Solar for All program and accelerate DC’s progress towards our ambitious climate and clean energy goals.

We are excited to work with our partners at DOEE, D.C. Sustainable Energy Utility, City First Enterprises, International Brotherhood of Electrical Workers, Interfaith Power and Light (DC.MD.NoVA), Green and Healthy Homes Initiative, Groundswell, and communities across the District to deploy these public dollars and crowd in private capital to unlock clean, renewable, and affordable energy for Washingtonians.

“Today’s Solar for All announcement represents a brighter future for underserved communities in the District and across the country. DC Green Bank congratulates the EPA for its tireless efforts to deliver a program that will expand access to affordable, clean energy for millions of Americans, and support climate resilience. We look forward to working with our District government and community partners to invest in clean energy solutions, grow green jobs, and advance inclusive prosperity for all Washingtonians.”

DC Green Bank CEO, Trisha Miller

“EPA’s Solar for All announcement delivers a serious downpayment on a future that is more sustainable, affordable, and equitable. The District has ambitious clean energy and climate goals and the resources available through this program will ensure that our strong DC coalition can unlock the benefits of solar in low-income and disadvantaged communities across the District. Together, we can advance the clean energy economy and lower consumer energy costs for District residents.”

DC Green Bank Board Chair, Brandi Colander

Learn more in the EPA’s press release: https://www.epa.gov/newsreleases/biden-harris-administration-announces-7-billion-solar-all-grants-deliver-residential

DC Green Bank and partners delivered $3.3 million in financial support for the new construction of an affordable housing development in Ward 8 and energy efficiency and renewable energy upgrades for a building in Ward 7. In addition to a $3 million construction loan from DC Green Bank, a $300,000 grant has been awarded to the developer through Capital Impact Partners’ Housing Equity Accelerator Fellowship, which is funded by Amazon’s Housing Equity Fund. Once completed, the properties will create 9 new and preserve 4 existing affordable housing units in total.

The property developer, Ayesha Hudson, is the Founder and CEO of A-Peace, LLC. For more than 20 years, Ayesha has been in the business of residential property ownership and management, with a focus on providing affordable housing for underserved communities.

DC Green Bank and Ayesha were featured on a segment together done by NBC4 Washington to highlight Ayesha’s enduring commitment to community service and the power of green finance to transform communities.

Today, the US Environmental Protection Agency (EPA) is announcing its selections for $20 billion in grant awards under two competitions within the historic $27 billion Greenhouse Gas Reduction Fund. These dollars will transform communities across the country, and our team is ready to leverage these resources and put them to work right here in the District.

Congratulations to the EPA team on their fantastic achievement.

“Today’s announcement is a major milestone on the road to investing in a cleaner and more prosperous future in every community across the country. The DC Green Bank congratulates the EPA on their monumental efforts to launch the Greenhouse Gas Reduction Fund. We are proud to join a national network of green banks and support the Coalition for Green Capital to advance inclusive prosperity and clean energy solutions in underserved communities. We applaud all of the awardees under the National Clean Investment Fund (NCIF) and the Clean Communities Investment Accelerator (CCIA), and by working together we will accelerate investment in climate mitigation, clean energy jobs, and DC communities.”

DC Green Bank CEO, Trisha Miller

“DC Green Bank’s ability to continue building resilient infrastructure, invest in local businesses and scale clean energy projects is fortified by today’s announcement. These critical strategic partnerships and resources will better prepare municipalities across our great nation to support generations to come. After a decade of collaboration, we applaud the work of this broad coalition demonstrating the power of green finance’s ability to transform our nation’s capital and America.”

DC Green Bank Board Chair, Brandi Colander