Multifamily developers may be eligible for$1 million or more in low-cost loans, tax credits and direct payments through a program announced recently by the Governor’s Office of Resiliency and the Arizona Finance Authority to encourage more environmentally sustainable communities.
Housing developers can apply by 5 p.m. June 28 for the unique opportunity to finance new construction or upgrade existing multifamily buildings atoeo.az.gov/afa-funding-opportunities.
Projects must cost $1 million-plus and demonstrate energy efficiency, clean energy or other sustainability measures. This includes, but is not limited to:
●Energy-efficient affordable housing
●Solar-powered affordable housing
●Electric vehicle charging stations
●Cool or smart rooftops
●Heat mitigation elements, such as shade trees, shade structures, double pane windows, insulation, heat pumps, etc.
“Arizona’s dedication to advancing sustainable solutions, combined with the federal government’s commitment to clean energy investments, presents a unique opportunity for collaboration and progress,” Arizona Finance Authority Director Gregg Ghelfi said. “Our goal is to better understand current and planned projects and eventually support a selection of projects that not only promote clean energy but also deliver tangible community benefits and focus on good quality jobs.”
Theinitial application is simple. Developers are asked to describe their project, the anticipated community benefits and jobs impact, an estimate of financing need and a description of current funding sources.
Chosen projects will receive assistance from the state to obtain all eligible funding available from the federal government through the Inflation Reduction Act and Bipartisan Infrastructure Law, which represent the largest investment in U.S. history to help businesses and communities transition to a clean energy economy.
“Through state coordination and leveraging historic levels of federal financing, we seek to provide the necessary resources to develop and complete these projects successfully. Together, we can invest in a robust, clean energy economy, strengthen our electric grid, and increase energy, housing, and transportation options,” Office of Resiliency Director Maren Mahoney said.
