Affordable Multi-Family Housing
Electric Vehicle Charging Infrastructure Program
Electric Vehicle Charging Infrastructure Program
(EV-CIP)
No Out-of-Pocket Costs for Installing EV Infrastructure
The Affordable Multi-Family Housing Electric Vehicle Charging Infrastructure Program (EV-CIP) uses the 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.
Through a 0% bridge loan that fully pre-funds state and utility rebate programs PLUS additional on-site project costs, the Montgomery County Green Bank EV-CIP program seeks repayment only from the rebate funds and 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.
How does the Affordable Multi-Family Housing Electric Vehicle Charging Infrastructure Program work?
The 0% bridge loan through the Montgomery County Green Bank will cover:
- Rebates: 100% of the expected utility and state incentives and rebates that a property can secure for the EV Chargers.
- Other Infrastructure: Up to an additional 10% on top of the incentives and rebates to cover on-site expenses for installation that state and utility programs do not cover.
- Parking Space Allocation: $2,000 for each dual-head charger (up to 2 chargers) for the allocation of parking spaces and to help bridge the time lapse until the chargers can provide a revenue stream.
- Forgiveness: The 10% Other Infrastructure and Parking Space Allocation funds are forgiven from the loan upon project completion and the rebates are secured to pay that portion of the bridge loan.
Philanthropic Funder
General Motors
A philanthropic funder and global company focused on advancing an all-electric future that is inclusive and accessible to all. The Green Bank was awarded a General Motors Climate Equity Fund grant in 2022 to help increase access to more sustainable transportation, including EVs and EV infrastructure.
