About the Project:
Glen Manor is a 32-unit affordable condominium in a prime location with diverse residents consisting of families, couples, and single individuals of all ages. Aging mechanical systems needed repair and the community explored options for over two years, including selling the property. The community’s love of the property created a different solution. The partnership between the Montgomery County Green Bank and Sandy Spring Bank helped Glen Manor obtain the necessary financing early in the process so the project could proceed quickly.
Montgomery County Green Bank’s Role
The Montgomery County Green Bank’s CLEER Program brought partner and the needed capital from local bank, Sandy Spring Bank, to support the Glen Manor Condominiums project.
32-unit affordable residential condominium property located in Silver Spring, Maryland
Property Upgrade Summary:
Energy Efficiency upgrades including replacement of aging mechanical systems and HVAC piping network. Upgrades are reducing overall energy consumption by the property equivalent to 280 metric tons of carbon dioxide emissions.
$512,000 Commercial Loan for Energy Efficiency and Renewables (“CLEER”) by Sandy Spring Bank and backed by the Green Bank.
The Green Bank works closely with the Montgomery County Commission on Common Ownership Communities to help association boards execute on long term energy plans and financing strategies to be able to implement projects.
For those who can benefit from decreasing operating expenses because of energy efficient equipment, infrastructure, and their physical space, the CLEER program is a way to make those investments in a way that generates net positive cash flow.