Author: Daniel Lebiednik

By Tristan Navera, Washington Business Journal,

The team behind the long-planned expansion of the Lisner-Louise-Dickson-Hurt Home in Friendship Heights has landed the financing to begin construction and deliver nearly 100 units of affordable senior housing to Ward 3.

Bethesda’s Urban Atlantic, which will lead the construction, and the LLDH have secured $69 million from a variety of sources for the 93-unit project, an independent senior living development with 41 units reserved for families earning up to 50% of the median family income and the rest for those at or under 30% of MFI. The LLDH campus is located at 5425 Western Ave. NW, less than a block south of the Chevy Chase Recreation Center.

Financing includes support from D.C.’s Housing Production Trust Fund — the project was approved as the first HPTF Ward 3 beneficiary in 2022 — plus Low-Income Housing Tax Credits, and D.C. Housing Finance Administration bonds. Boston Financial Investment Management and Rise Impact Capital provided equity, while Capital One Community Finance, Cedar Rapids Bank & Trust and D.C. Green Bank provided debt financing.

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(Washington, DC) – DC Green Bank and partners today announced the closing of $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 8 new and preserve 4 existing affordable housing units in total. The property developer and recipient of this grant, Ayesha Hudson, an alumna of Capital Impact Partners’ Equitable Development Initiative, 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.

“We are thrilled to work alongside Capital Impact Partners and Amazon to address the critical need for affordable housing in the District,” said Brandi Colander, Chair of the DC Green Bank Board of Directors. “This partnership reflects our shared commitment to supporting Inclusive Prosperity by providing affordable, sustainable housing solutions in communities all-too-often left behind. Ayesha Hudson’s vision for the development and the creation of a wellness center highlights the significance of investing in local developers who truly understand and care for their community.”

“We are proud to support real estate developers of color with the financial, knowledge, and social capital they need to grow their businesses, overcome systemic barriers, and help the communities they serve,” said Raymond Guthrie, Chief Investment Officer and Head of Capital Deployment for Capital Impact Partners, part of the Momentus Capital branded family of organizations. “This deal is not just an investment in residential development, but also an investment in the health, safety, and sustainability of the Washington metropolitan area. We are grateful to the Amazon Housing Equity Fund and DC Green Bank for their support of emerging developers like Ayesha, who are creating a future where everyone can thrive.”

“Amazon is grateful for the opportunity to partner with DC Green Bank and Capital Impact Partners to bring more affordable housing to the DC metro area. We are working hand-in-hand to support and uplift emerging developers who are at the forefront of community development,” said Senthil Sankaran, managing principal, the Amazon Housing Equity Fund. “Ms. Hudson’s holistic approach to real estate development is not only creating sustainable and affordable homes, but also supporting overall health and wellbeing. Together, we are making a positive, long-lasting impact on communities in DC.”

“I am immensely grateful to Capital Impact Partners because the Housing Equity Accelerator Fellowship program opened doors to opportunities I would not have had access to without their invaluable support,” said Ayesha Hudson. “The program helped to connect me with financial support from DC Green Bank and Amazon’s Housing Equity Fund to bring these impactful projects to life. Their investment will have a positive ripple effect in this community and across the city for generations to come.”

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(Washington, D.C.) – DC Green Bank and Uprise Solar today announced the closing of a $385,000 permanent loan to support the long-term viability of 187 kW’s of residential solar projects across DC. The loan supports the financing of a portion of an existing portfolio of solar projects and will consolidate previous construction loans into a permanent loan that will finance the operation of 24 residential solar projects in the District. These projects, now completed, are expected to generate approximately 3,500,000 kWh’s of renewable energy over 20 years. In addition, the projects will reduce GHG emissions by 2,660 metric tons of carbon dioxide equivalent over the same period. This is equivalent to the carbon dioxide emissions from 298,242 gallons of gasoline consumed or 2,932,507 pounds of coal burned. Uprise is a certified contractor with Solar for All, a program of the District’s Department of Energy and Environment (DOEE) and administered by the DC Sustainable Energy Utility (DCSEU), that works with local solar contractors to expand the deployment of solar and cut electricity costs for income-qualified residents by 50% or more. Additionally, these projects created 12 jobs, 8 full-time direct jobs, and 4 part-time jobs. The new debt structure will provide Uprise Solar with long-term financing, enabling them to scale their operations and continue deploying solar projects within the District.

“DC Green Bank is committed to filling financing gaps for growth-stage developers like Uprise, and supporting them through each phase of their growth,” said Jean Nelson-Houpert, Interim Chief Executive Officer and Chief Financial Officer of DC Green Bank. “Seeing Uprise Solar’s success and impact is a clear sign that investing in clean energy and local developers is a win-win for everyone.”

The original loan package consisted of two construction loans and a revolving line of credit. The financing was used to install the solar projects while supporting the operating costs of Uprise. The permanent loan will be used to support the ongoing operations of the solar projects. Now fully constructed, the solar projects will deliver clean energy to residents, reduce energy costs, and provide health benefits to the community.

“We worked with several financing organizations to make these 24 projects possible, and we are fortunate to have the DC Green Bank as one of our partners,” said Chris Sewell, CEO of Uprise Solar. “Their investments have enabled us to grow, allowing us to bring local jobs and clean energy to the city with a great market.”

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(Washington, D.C.) – DC Green Bank is proud to announce Trisha Miller as its next Chief Executive Officer. Ms. Miller comes to the bank after her recent service in the Biden – Harris Administration as a Senior Director in the White House Domestic Policy Office working on decarbonization policy and following a multi-decade career working at the nexus of climate change, clean energy, and inclusive development. She will officially begin her tenure at DC Green Bank on July 31.

“We are excited to have an experienced leader like Trisha Miller lead DC Green Bank into its next chapter. She has a demonstrated track record of putting climate, clean energy, and communities first and being guided by values that align with the mission of the bank,” said Brandi Colander, Chair of the DC Green Bank Board of Directors. “The Board is confident that Trisha is the right leader for this vital institution and we stand ready to support her work to ensure that DCGB remains an indispensable partner as the District strives to achieve its ambitious sustainability and equitable development targets. We want to thank our Chief Financial Officer and Interim-Chief Executive Officer, Jean Nelson-Houpert, for her service and dedication to the bank and for serving in this expanded capacity and leading the organization and staff in pursuit of our shared goals of a more resilient and inclusive DC for all.”

Ms. Nelson-Houpert has served in the Interim-Chief Executive Officer role since October 2022. “I want to thank the Board of Directors for their trust in my leadership to serve in this role and deliver operational excellence during a time of transition,” said Ms. Nelson-Houpert. “I am excited to work with Trisha to build on the impact the DC Green Bank team has delivered to date for communities across the District.”

DC Green Bank initiated full operations in April 2020, and Ms. Miller will join the institution shortly after the five-year mark since the creation of the bank was authorized under the leadership of Mayor Muriel Bowser and the DC City Council. “I am honored to serve as the CEO of DC Green Bank,” Miller said. “DC has been my home for nearly two decades, and I look forward to leading the bank and helping to ensure that our climate investments advance inclusive prosperity for all residents.”

To read the full press release, including a bio of incoming CEO Trisha Miller, please see below or download the press release.

(Washington, D.C.) – The DC PACE Program and Stonehill PACE program are proud to announce the successful closing of nearly $3.5 million in financing to deliver energy efficiency and renewable energy upgrades for a new construction multi-family development at 1966 9 ½ Street NW, in the U Street/Shaw neighborhood. The financing administered through the DC PACE program will provide substantial environmental benefits for the residents of the building, including 250,790 kWH of electricity savings, and 463,372 gallons of water savings. Additionally, these annual energy savings will result in reducing emissions by about 178 metric tons of CO2 annually, the equivalent of using 38 gasoline-powered passenger vehicles driven for one year or mitigating the average energy usage of more than 22 homes in one year. The 38-unit property will include 12 units that are designated for affordable housing with 3 units allocated to 30% Area Median Income (AMI) and 9 units allocated to 50% AMI.  

 “The DC PACE Program takes pride in supporting the revitalization project of 9 ½ Street, which includes the historic Grimke School and the African American Civil War Museum,” said Ronald Hobson, DC PACE Program Manager. “As we aim for a cleaner and more sustainable DC, we can also play an important role in preserving and honoring the history of these buildings and neighborhoods. Discovering that my own ancestor’s name, Fredrick Towles, was inscribed in the museum for his service as he fought for his own freedom and for this country in the Union Army was a poignant reminder of this responsibility.” 

“Stonehill is proud to continue our partnership with the DC PACE Program on this important project, which will provide much-needed affordable housing while also promoting sustainability,” said Jared Schlosser, Stonehill SVP. “We are committed to working together to support more projects like this that benefit the community and the environment as well as preserving our shared history.” 

 “The final phase of the Grimke School project is a long-awaited triumph for our team,” said Lynn Hackney, Principal, Community Three. “We are thrilled to strengthen our ongoing partnership with DC Green Bank’s PACE program, whose dedication to promoting sustainable development in the District has been unwavering. Together, we embark on an exciting journey towards a more inclusive and resilient future.” 

Click here to read the full release or view below.

(Washington, D.C.) – DC Green Bank and SEDC Solar today announced the closing of a $1.4 million construction revolving loan facility to finance a portfolio of solar plus battery storage projects for homes, rental units, and community-serving institutions in Wards 4, 5, 7, and 8 of Washington, D.C. Within the first year of the investment term, SEDC anticipates the installation of 1000 kilowatts of solar rooftop panels, resulting in an estimated greenhouse gas emissions reduction of up to 992 metric tons of CO2 equivalent per year for 20 years while also increasing both household and energy grid resilience due to the inclusion of battery storage. In line with DC Green Bank’s value of Inclusive Prosperity, the projects built in the first year will reduce the energy bills of 200 beneficiaries by approximately 50 – 80%, with roughly 75% of the recipients being Low- and Moderate- Income (LMI) households or community-serving organizations.

“We are thrilled to collaborate with SEDC Solar to finance this cutting-edge portfolio of projects that exemplifies a holistic approach to sustainability,” said Jean Nelson-Houpert, Interim Chief Executive Officer and Chief Financial Officer at DC Green Bank. “This effort is fully aligned with our mission and can be a demonstration case for combining clean energy, inclusive prosperity, and resilience, all while developing and employing the workforce of the future.”

“DC Green Bank is an indispensable partner for businesses across the District that are seeking to deliver sustainable projects and looking for financing to turn their vision into reality,” said Thomas Jones, President of SEDC Solar. “We are excited to get to work to bring these projects to life and change the way our communities think about energy in their day-to-day life – clean energy means good jobs, protection against rising utility bills, and a healthier future for our environment for generations to come.”

Click here to read the full release or view below.