Montgomery County, MD (January 24, 2022) – A 2.18 MW rooftop solar array at the 684-unit, 58-building Seneca Village affordable apartments is the largest rooftop solar project on a multifamily property in Montgomery County. The solar and energy efficiency project by Solar Energy Services and Patuxent Roofing & Contracting has been financed by the Montgomery County Green Bank, in partnership with Virginia Community Capital and NYCEEC. The partners collaborated on a new innovative approach on $5 million in financing of this clean energy project to install the solar array and new energy-efficient roofs with reflective coating.
“A fundamental part of our mission is to support the County’s climate goals of equitable access to clean energy. This project situated in an Equity Emphasis Area and on an affordable housing property is such an example,” says Tom Deyo, CEO of Montgomery County Green Bank. “Further, this collaboration with Virginia Community Capital and NYCEEC is the perfect depiction of how the Montgomery County Green Bank leverages capital and innovative partnerships to facilitate clean energy projects in the County.”
The Montgomery County Green Bank, Virginia Community Capital, and NYCEEC partnership provided a flexible and affordable financing solution that supports deploying solar PV and clean energy improvements on multifamily properties with existing GSE (Fannie Mae /Freddie Mac) secured mortgages. With GSE mortgages representing over 50% of the market, this structure can catalyze many more clean energy transactions in the future.
“The team at the Montgomery County Green Bank shares our vision to improve access to renewable energy and affordable housing within the region. We look forward to continuing a strong partnership with the Montgomery County Green Bank and the opportunity to collaborate with like-minded organizations dedicated to mission and impact,” says Virginia Community Capital President & CEO, Amir Kirkwood.
Virginia Community Capital and NYCEEC were key parties to making this transaction happen by bringing to the team their expertise in solar and multifamily properties and willingness to be innovative in the structure for the financing.
“This customized financing approach is a blueprint for future clean energy projects with complex financing needs. We are thrilled to partner directly with another green bank on a project that will significantly reduce energy usage at this affordable property and annually eliminate thousands of metric tons of GHGs when completed,” says NYCEEC CEO, Curtis Probst.
Seneca Village Apartments is a 684-unit, 58-building affordable multifamily property and sits on 40 acres of land. With the solar array and new energy efficient roof upgrades, the property will save 2,583,535 kWh in energy, generate more than $300,000 in annual savings, and mitigate 2,000 metric tons of carbon dioxide greenhouse gas emissions per year.
About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Montgomery County Green Bank supports Montgomery County, MD by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
Media contact: Tyniah McDuffie, Senior Manager, Communications and Community Engagement
NYCEEC is a leading nonprofit finance company that provides loans and alternative financing solutions for energy efficiency and clean energy projects. NYCEEC finances projects that save money, save energy, and reduce greenhouse gases. We are helping New York, the northeast, and the midatlantic achieve a clean and sustainable future. Learn more at www.NYCEEC.com.
Media contact: Marian Weber, Director, Business Development, Development and Communications
About VCC Social Enterprises
VCC Social Enterprises (VCCSE) is the nonprofit parent organization for Virginia Community Capital, VCC Bank, LOCUS Impact Investing, LOCUS Capital, and LOCUS Foundation (collectively known as LOCUS Impact Investing). Virginia Community Capital (VCC) is a $275 million community development financial institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life in our communities. With offices in Christiansburg, Norfolk, and Richmond, VA, and remote staff located throughout the United States, VCCSE offers innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. VCC Bank is an FDIC-insured, certified bank offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. VCC Bank is also a certified B Corp.
VCC Bank is a majority-owned subsidiary of VCC Social Enterprises. Member FDIC. Equal Housing Lender. Learn more: www.vacommunitycapital.org
Media contact: Kristen Kiewiet de Jonge, Marketing & Communications Manager