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Green Bank highlights new financing tools for affordable multifamily resilience
Summary
Green Bank officials described an innovative resilience-dedicated fund and a corporate-level line of credit intended to unlock private capital for affordable multifamily projects, calling the structure "an interesting innovation" that the bank has not used before.
At the committee meeting the Green Bank described a finance structure it said is new to affordable multifamily projects: a resilience-dedicated fund and a corporate-level line of credit for underlying projects.
"That's an interesting innovation that I commend Laura for because it's not the type of finance structure that affordable multifamily usually accesses," Mr. Morrell told the committee, referring to the bank's Resilience Dedicated Funds and a line-of-credit approach that would function at the corporate level to support underlying projects. He said the tool unlocks opportunities for major developers and could be used for outcomes that include both resilience and energy-efficiency upgrades.
The committee also heard that the Green Bank has piloted grant programs such as the Climate Smart Agriculture pilot and has worked with Habitat for Humanity and several multifamily buildings. Committee members and staff did not provide dollar amounts for the fund or the line of credit during this meeting; specific financial details and project budgets were not specified and would require follow-up.
