Affordable multifamily rental properties are supported in the installation of up to two dual electic vehicle (EV) chargers.
Electric vehicles reduce the use of fossil fuels. By installing EV chargers, owners of affordable rental properties offer their residents the chance to own EVs and have the ability to charge them at the property. This provides greater access for residents to participate in the clean energy option of electric vehicles.
Short-term bridge loan to finance 100% soft and hard cost of EV charging stations installation with a 0% interest rate.
The Green Bank’s Affordable Multi-Family Housing Electric Vehicle Charging Infrastructure Program (EV-CIP) leverages use of a General Motors Climate Equity Philanthropic Grant to create a no out-of-pocket funding program for affordable, multi-family housing properties to install electric vehicle charging infrastructure. The GM Philanthropic Grant supports the costs above that supported by utility and state EV charger rebate programs paid after project completion.
Through a 0% short-term bridge loan, the Green Bank pre-funds state and utility EV charger rebate programs as well as the additional on-site project costs not covered by the rebates. The EV-CIP program is repaid the rebate funds with balance of loan forgiven on completion.
This approach provides an easy path for affordable multi-family housing property owners to install EV charging infrastructure. By providing all of the resources upfront to support up to 2 dual chargers at each property, the EV-CIP program allows property owners to make decisions in the best interest of the property without worrying about out-of-pocket costs or rebates.