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MHP offers new slate of incentives for Green Retrofits

Posted on May 20, 2024

Above: Work commences at Carol Ave Apartments, a substantial rehabilitation endeavor by Allston Brighton Community Development Corporation (ABCDC) designed to achieve an energy use intensity (EUI) reduction of over 50%.

Improving energy efficiency and reducing the carbon emissions of the 37,000+ existing multifamily buildings across the state is a crucial component in achieving more resilient communities and meeting the Commonwealth’s climate goals.

In recognition of this, MHP’s Green Retrofit Financing Program now incentivizes a broader spectrum of energy use reduction projects, with the highest level of incentive – a 35 basis point interest rate reduction – for projects that reduce their energy use intensity by at least 50% or pursue an eligible deep energy reduction retrofit certification. In addition to the interest rate incentive, the Green Retrofit Financing program provides reimbursement of a Decarbonization Assessment (up to $15,000) to help teams develop a strategic approach to energy efficiency and emissions reduction in early-stage design, and two years of free benchmarking services to help owners and managers track the impact of their interventions.

The revamped Green Retrofit Financing term sheet reflects emerging best practices in the retrofit of existing buildings and considers varying scopes of retrofit work as well as strategic planning for emissions reductions over time. It is designed to work in concert with state and federal retrofit incentive offerings, including Mass Save’s LEAN Multifamily Program, the state’s Affordable Housing Deep Energy Retrofit Grant Program and Climate Ready Housing Program, as well as federal programs such as DOE’s Home Energy Rebates and the EPA’s upcoming Greenhouse Gas Reduction Fund (GRRF). We look forward to working with our borrowers and partners to maximize the impact of emissions reduction efforts as more details about these federally supported programs becomes available this summer.

With the newly revised term sheet in place and as a Climate Ready Housing program partner, MHP continues to make strides in our mission to advance sustainable, high-performance, and resilient housing throughout the Commonwealth.  

For more information about MHP’s Green Retrofit Financing program, as well as other incentive offerings in the Green and Healthy Housing suite, please contact MHP’s Director of Sustainability and Climate Initiatives Lauren Baumann at 857-317-8542 or by email.