THE PROGRAM IS NO LONGER ACCEPTING APPLICATIONS
OR LETTERS OF INTENT.

The Multifamily Solar Funding Pilot program is a solar loan program made available to owners of multifamily buildings of 5 units or more that have an existing primary permanent mortgage with HMFA or has received Low-Income Housing Tax Credits from HMFA.  Consideration may also be given to a proposed rental housing project to be renovated with an HMFA primary permanent mortgage.  The solar loan will provide for the installation of solar photovoltaic (PV) renewable energy systems of at least 20 kW in size.

Program Guidelines & the Application have been revised & updated as of 3/09/2011.  Please see the revised documents in the Related Documents section to the right.  Application Instructions have been updated as of 3/18/2011.

The solar financing will be in the form of a 0% loan based upon the expected Solar Renewable Energy Certificate (SREC) production for 15 years at a maximum value of $450/SREC.  The SRECs will be assigned to HMFA as repayment, until the loan is repaid.  The HMFA Solar Funding Pilot is leveraged with the Federal Business Energy Investment Tax Credits/Renewable Energy Grants. 

All applicants are required to participate in our Energy Benchmarking initiative. 

With the Application and prior to any engineering services, the Applicant must submit a Letter of Intent* to the HMFA indicating the approximate system size and associated project costs. The final system size and project costs submitted by the solar engineer may not reflect a difference of more than 20% of the size and costs stated in this preliminary Letter of Intent, otherwise the application will not be considered for funding. The Letter of Intent is mandatory for participation in the program.

* The purpose of this letter is to monitor remaining available funds for interested applicants.  Funding is given to those applicants able to achieve an HMFA Board approved funding commitment on a first-come first-served basis.  Those applications still in progress (who have submitted the Letter of Intent) will be alerted to available funding levels as monies are committed. 

For more information contact: 
Kwesi Daniels - kdaniels@njhmfa.state.nj.us - 609.278.7370
Mary Sheehy - msheehy@njhmfa.state.nj.us - 609.278.7408
 

THE PROGRAM IS NO LONGER ACCEPTING APPLICATIONS

The Multifamily Energy Efficiency Improvement Pilot (MEEIP) is for owners of multifamily properties of 5 units or more in size and over 20 years old in age that have an existing primary permanent mortgage with HMFA.  Consideration may also be given to a proposed rental housing project to be renovated with an HMFA primary permanent mortgage.  The financing will be at an interest rate of 2% limited to $2,000 per unit not to exceed $500,000 in total.

Program Guidelines have been revised & updated as of 3/04/2011.  Please see the revised documents in the Related Documents section to the right. 

Eligible applicants must (1) participate in the NJ Clean Energy Program ‘Pay for Performance' program, (2) agree to extend affordability controls for an additional 15 years, (3) have no outstanding state or federal tax liens and (4) begin construction within 60 days of the energy efficiency loan, and Projects must be completed within the time frame needed to meet ARRA federal and state funding deadlines.  All applicants are required to participate in our Energy Benchmarking initiative. 

Energy improvements will be identified by a Pay for Performance partner, who will provide a whole-building energy audit, technical assistance, and aid in applying for financial incentives, etc. Please refer to the related document links to the right for more specific details.

For more information contact:
Kwesi Daniels - kdaniels@njhmfa.state.nj.us - 609.278.7370
 

As part of its New Jersey Board of Public Utilities approved Energy Efficiency Economic Stimulus Initiative, Public Service Electric and Gas Company (PSE&G) is offering the Residential Multifamily Housing Program.  The Program is designed to increase energy efficiency, reduce carbon emissions of residential multifamily housing developments and provide multifamily building owners with up-front 0% financing and grant incentives to cover the cost of eligible energy efficiency installations.

PSE&G is working with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to offer the program to NJHMFA-financed housing developments for the initial stage of this program, however, non-HMFA building are also eligible for program funding.

Under the Program, building owners will receive an on-site investment grade energy audit of their building(s) at no cost.  All energy efficiency measures identified by the audit as having a simple payback of fifteen years or less will be eligible for installation under the Program and for Program incentives.  The energy efficiency measures recommended by the audit may include lighting, HVAC, humidification, building envelope, windows, doors, motors, and other energy-consuming equipment.  PSE&G will provide incentives to help pay for the cost of installing the energy efficiency measures.  Building owners will repay their share of the cost over a ten-year period, interest free, on their PSE&G bill.

You must have a satisfactory record of bill payment with PSE&G to qualify for program participation.  Applications will be considered on a first-come, first served basis.

If you have any questions, please contact Susan Ringhof at SusanL.Ringhof@pseg.com.