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Green Funding Resources
Learn about green financial incentives and funding opportunities for your multifamily energy projects in the table below. A list of additional funding databases and resources is provided at the bottom of this page.
Green Financial Products for Affordable Multifamily Housing
The table below provides an overview of existing financial incentives for energy projects in multifamily properties in Southeast Michigan. Please refer to associated links for more information about each financing product as offerings may have changed or expired.
Name | Funding Type | Source | Details | Eligibility | More Information |
|---|---|---|---|---|---|
Michigan Energy Options Multifamily Program | Electric and natural gas incentives | Michigan Energy Options, Consumers Energy | No-cost technical assistance from Michigan Energy Options | Consumers Energy natural gas and electric customers can receive services at no-cost if 66% of building occupants are at or below 200% of the Federal Poverty Level. | https://michiganenergyoptions.org/consumers-energy-energy-savers-pilot/ |
2019 Consumers Energy Multifamily Program Catalog | Electric and natural gas incentives | Consumers Energy | Varies | A multifamily customer is defined as a facility with three or more units per building. Consumers Energy electric and/or natural gas customers are eligible. | http://save.consumersmultifamilysavings.com/2019catalog
https://assets.ctfassets.net/ntcn17ss1ow9/2GJHqSZ5ZQMkcBWpTDc0GX/67c388220e54db28a38946a5bb21a7b9/mi_consumers_energy.pdf |
DTE Multifamily Program - Income Qualified | Electric and natural gas incentives | DTE Energy | Varies | Subsidized multifamily housing and and properties that are located in federal low income census tracts. DTE Energy natural gas and/or electric customers.
| https://newlook.dteenergy.com/wps/wcm/connect/dte-web/home/save-energy/business/programs+and+offers/multifamily+improvementshttps://newlook.dteenergy.com/wps/wcm/connect/4c9cb2d4-1e66-480a-b687-aa998b4241f5/MultifamilyProgramCatalog2019.pdf?MOD=AJPERES |
Freddie Mac - C-PACE | Financing consent for special assessment loan | Federal Home Loan Mortgage Corporation (Freddie Mac) | Freddie Mac Multifamily can grant consent for Commercial PACE financing from qualifying Commercial PACE programs on loans in our retained portfolio. | Varies. Additional requirements apply. Optigo Seller/Servicers should speak with a Freddie Mac representative for details. | https://mf.freddiemac.com/product/green-advantage.html |
Michigan Saves - Navigator Pre-development Line of Credit | Line of credit | Michigan Saves | Fixed rates for nonprofits and income-eligible multifamily properties start at 2.38% APR with terms up to 24 months. | Multifamily properties and nonprofit customers interested in funding customized analysis and design of energy improvements eligible for line of credit. | https://michigansaves.org/inclusive-prosperity-capital/ |
Rental housing | Loan | LISC Detroit | Varies | Community development corporations, nonprofit and for-profit affordable housing developers, local and state housing authority. | http://www.lisc.org/our-model/lending/loan-products/loans-housing/ |
For sale housing | Loan | LISC Detroit | Varies | Community development corporations, nonprofit and for-profit affordable housing developers, local and state housing authority. | http://www.lisc.org/our-model/lending/loan-products/loans-housing/ |
Pre-development Financing for Community Development Projects | Loan | Cinnaire | $100,000 to $500,000+ | Multifamily properties targeting a minimum of 20% of the units as being
affordable to residents at 50% AMI or Community Development properties. | https://cinnaire.com/partners/financing-investment/loan-products/pre-development/ |
Short-term Acquisition Loans to Preserve Affordable Housing | Loan | Cinnaire | $100,000 to $500,000+ | Multifamily properties targeting a minimum of 20% of the units as being affordable to residents at 50% AMI or Community Development properties. | https://cinnaire.com/partners/financing-investment/loan-products/acquisition/ |
Fannie Mae Affordable Housing Loans – Nationwide
Cinnaire Lending is a designated Fannie Mae Affordable Lender | Loan | Cinnaire | $500,000 Minimum No Maximum | Properties that are designated affordable via regulatory agreements or rent
restrictions (Including coterminous HAP contracts). | https://cinnaire.com/partners/financing-investment/loan-products/permanent-financing/ |
Multifamily Energy Financing Program | Loan | Michigan Saves | $2,000-$2,000,000
24-60 months
5.99%APR
Special rates with utilities. | Any building with 4 or more units. Eligible projects include HVAC, lighting, refrigeration, controls, windows, and insulation. | https://michigansaves.org/training_videos/multifamily-energy-financing-program/ |
Michigan Saves Commercial Building Financing - Consumers Energy | Loan | Michigan Saves | Special financing rates. 1.99% APR financing for 36 months up to $50,000
While funds available through 11/30/2019 | Consumers Energy commercial customers. Custom and prescriptive gas and electric projects, including energy-efficient lighting, refrigeration, HVAC. | http://2wajqs10j6572p9ni53oi7r4-wpengine.netdna-ssl.com/wp-content/uploads/2019/05/2019-05-03-PSEF-BEF-Flyer_1.99-percent_CE.pdf |
Michigan Saves Commercial Building Financing - DTE Energy | Loan | Michigan Saves | Special financing rates. 0%-2.99% APR financing
24-60 months $50,000-$300,000. While funds available through 11/30/2019. | DTE Energy commercial customers. | http://2wajqs10j6572p9ni53oi7r4-wpengine.netdna-ssl.com/wp-content/uploads/2019/01/2018-12-03-PSEF-BEF-Flyer_1page_DTE-2.pdf |
Michigan Saves Commercial Building Financing - SEMCO Energy Gas Company commercial customers | Loan | Michigan Saves | Special financing rates.. 0% APR financing for up to 36 months up to $25,000
While funds available through 11/30/2019 | SEMCO ENERGY Gas Company commercial customers. Custom and prescriptive gas projects. | http://2wajqs10j6572p9ni53oi7r4-wpengine.netdna-ssl.com/wp-content/uploads/2019/02/2019-SEMCO-flyer.pdf |
Michigan Saves - Catalyst Term Loan | Loan | Michigan Saves | Fixed-rate financing—with amounts up to $2 million and 20-year terms—is available with no prepayment penalty.
| Multifamily properties must serve low- and moderate-income residents—households with incomes no higher than 80 percent of the area median income. | https://michigansaves.org/inclusive-prosperity-capital/ |
Freddie Mac - Green Up | Loan feature | Federal Home Loan Mortgage Corporation (Freddie Mac) | Qualify for better pricing, (underwriting up to 50% of projected energy savings), and $3,500 toward energy audit (Green Assessment). | Works with the majority of Freddie Mac Multifamily Optigo loans for eligible mixed-use properties with projected savings of 30% of energy or water/sewer consumption. | https://mf.freddiemac.com/product/green-advantage.html |
Freddie Mac- Green Up Plus | Loan feature | Federal Home Loan Mortgage Corporation (Freddie Mac) | Qualify for better pricing, more funds (underwriting up to 75% of projected energy savings), and $3,500 toward ASHRAE Level 2-compliant energy audit (Green Assessment Plus). | Works with the majority of Freddie Mac Multifamily Optigo loans for eligible mixed-use properties with 30% of energy or water/sewer consumption. | https://mf.freddiemac.com/product/green-advantage.html |
Freddie Mac - Green Certified | Loan feature | Federal Home Loan Mortgage Corporation (Freddie Mac) | Discounted loan pricing. Must meet one of the eight industry-standard green building certifications. | Properties that have affordable rental units and that are ENERGY STAR certified as a multifamily property. | https://mf.freddiemac.com/product/green-advantage.html |
Fannie Mae - Green Rewards | Loan feature | Federal National Mortgage Association (Fannie Mae) | Provides lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements. | Eligible improvements include new ENERGY STAR® appliances, energy efficient HVACs, low-flow toilets, LED lighting, and more. | https://www.fanniemae.com/multifamily/green-initiative-financing |
Fannie Mae - Green Building Certification Pricing Break | Loan feature | Federal National Mortgage Association (Fannie Mae) | Preferential pricing on loans. Better pricing than non-green loans. Disclosure of the loan as a "Green MBS" to the bond market. | Multifamily properties with a Fannie Mae-recognized green building certification. | https://www.fanniemae.com/multifamily/green-initiative-green-building-certifications
|
Affordable Housing Leverage Fund | Low-interest tax-exempt bond loans, philanthropically-backed soft debt, & capital needs assessment grants | City of Detroit, LISC, Michigan State Housing Development Authority (MSHDA) | Varies | Affordable housing at or below 60% Area Median Income. Seeks to invest in affordable housing below 50% and 30% AMI. | https://www.detroitaffordablehousingfund.org/ |
Freddie Mac - Green Rebate | Rebate | Federal Home Loan Mortgage Corporation (Freddie Mac) | Up to $5,000 cash rebate for benchmarking their property in Portfolio Manager and submitting a valid ENERGY STAR score -- no minimum score required. | Most borrowers on first mortgages for multifamily properties with greater than 20 units. | https://mf.freddiemac.com/product/green-advantage.html |
Property Assessed Clean Energy (PACE) | Special assessment loan | Lean and Green Michigan | 100% upfront financing, long-term financing from 10 to 25 years, fixed interest rate. The loan is attached to your property, not to the property owner and transfers upon sale. | Properties with a utility spend higher than $5,000 per month, property value worth more than $400,000. | https://leanandgreenmi.com/property_owners |
PACE Express | Special assessment loan | Lean and Green Michigan | 100% upfront financing, long-term financing from 10 to 25 years, fixed interest rate. The loan is attached to your property, not to the property owner and transfers upon sale. | Small PACE projects below the statutory threshold of $250,000. Project size: Virtually any energy efficiency, water efficiency, or renewable energy project qualifies. | null |
Low Income Housing Tax Credit (LIHTC) | Tax incentive | Michigan State Housing Development Authority (MSHDA) | Annual credit equal to 9% of the qualified basis of construction or rehabilitation costs available to developments not utilizing federal or tax-exempt financing and 4% with federal or tax-exempt financing. | Properties with 66% or greater of tenants living at or under 200% of the federal poverty level and/or properties participating in affordable housing programs. | https://www.michigan.gov/mshda/0,4641,7-141-5587_5601---,00.html |
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Additional Funding Databases
The resources below cover additional energy project funding opportunities available in the State of Michigan and nationally. These databases are not specific to multifamily properties.
Department of Energy