MoCo’s Largest Rooftop Solar Project on Multifamily Property is Underway in Gaithersburg
The Green Bank—in partnership with Virginia Community Capital and NYCEEC—provided an Innovative solution for a financial structure that allows for deploying clean energy on multifamily properties with Fannie/Freddie mortgages. Multifamily properties with Fannie/Freddie mortgages represent over 50% of the market. This structure will catalyze significantly more clean energy transactions. Due to the Montgomery County Green Bank’s and partners’ participation, Seneca Village Apartments received a blended interest rate on the loan, which was for $5 million.