Seneca Village Apartments is a 58-building, 684-unit affordable multifamily property located at 750 Clopper Rd. in Gaithersburg. It was originally constructed in 1973 and sits on 40 acres of land. With funding from the Green Bank, in partnership with Virginia Community Capital and NYCEEC, Seneca Village Apartments will install new energy-efficient roofs with reflective coating and a 2.18 MW rooftop solar array by Patuxent and Solar Energy Services. The $11.4 million project is the largest rooftop solar project on a multifamily property in the Montgomery County. The property will save 2,583,535 kWh in energy savings and over $300,000 in annual savings.
“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 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.
The Green Bank—in partnership with Virginia Community Capital and NYCEEC—provided an Innovative solution for a financial structure that allows for deploying clean energy on multifamily properties with Fannie/Freddie mortgages. Multifamily properties with Fannie/Freddie mortgages represent over 50% of the market. This structure will catalyze significantly more clean energy transactions. Due to the Montgomery County Green Bank’s and partners’ participation, Seneca Village Apartments received a blended interest rate on the loan, which was for $5 million.
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