By Keith Loria, Commercial Observer
A joint venture between DC Green Bank and Rainplan has closed on an initial $2 million of financing to increase access and affordability for projects across Washington, D.C., designed to manage heavy rainfall, prevent flooding and filter storm runoff.
The loan will deliver financial support for 14 residential projects and 10 commercial projects in the area. The loan will also fund stormwater support for scalable projects, including those in surrounding green mobility hubs, houses of worship, local businesses and residential communities, with a focus on Wards 5, 7 and 8.
Each of the stormwater projects will incorporate green infrastructure to mitigate the negative impacts of water runoff and enhance neighborhood streetscapes. It’s projected that an estimated 100,000 gallons of water will be captured and filtered for each rainstorm.
“We have found that many residential property owners in the D.C. area are concerned about basement flooding after storms and erosion of their landscaping from their property,” Kara Young, an expert at Rainplan, told CO. “As an example, if they install a rain garden or use bio-retention like planting trees, it will soak up the necessary rain and keep it from flowing or flowing into property foundations.”