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Arbor Green Honored with Top Renewable Energy Power Award
By: Partner Energy
The Renewable Energy Power Awards are presented to development teams with effective and innovative renewable energy tax credit (RETC) projects in terms of positive job creation, community impact and reducing energy footprint.
Arbor Green is a $13.8 million, 40-unit affordable housing property in Carson, Calif., developed by Affirmed Housing Group. Partner Energy guided the project through the design and construction process, as well as helping the building receive the LEED Platinum certification under the LEED-Homes rating system. Through the design process, Partner Energy worked to implement various sustainable features including energy-efficient lighting and appliances, a 120 kW photovoltaic solar system, a solar water heating system, low-flow fixtures, recycling chutes, electric car chargers and dedicated parking for efficient vehicles.
The energy project secured nearly $6.2 million in equity generated by the federal low-income housing tax credit (LIHTC) and solar tax credits. In addition, the development secured a Section 1603 grant, more than $170,000 from the New Solar Homes Partnership, as well as approximately $60,000 in energy-efficiency rebates through the California Advanced Homes and Savings-by-Design programs. The syndicator, Raymond James, provided $6 million in LIHTC credit and U.S. Bank, supplied the permanent loan of more than $2 million. The city of Carson contributed with a land donation priced at $1.2 million as well as a loan for $4.1 million.
In announcing the recipients of the award, Novogradac’s Stephen Tracy (CPA, conference chairman and partner) said the winning projects highlight “the importance of maintaining the effective renewable energy incentives that make these projects financially feasible.”
Awardees were recognized in three categories: financial innovation, overcoming obstacles and small community project.
For more information on the Arbor Green and other Partner Energy projects please visit http://www.ptrenergy.com.