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Capital for Change Proves There Are Lots of Ways to Make Housing Affordable

Capital for Change Proves There Are Lots of Ways to Make Housing Affordable

When most people think affordable housing, the first thing that pops into their minds is new construction (like these new units in Ansonia). But, Capital for Change (C4C), a Liberty Bank Foundation grantee, has yet another way to assist by providing the funding to make existing buildings more energy efficient. And, we’re talking big buildings, which in turn bring savings to dozens of renters/ unit owners all at the same time.

According to the Partnership for Strong Communities, 58 percent of the homes in the state were built before 1970. And you know what that means … drafty windows, inefficient HVAC systems, and worn out roofs. Along with all the energy going out the window, renters’ cash follows. So, there is plenty of opportunity in Connecticut.

C4C’s LIME (Low Income Multifamily Energy) loans allow property owners to make energy improvements to multifamily properties and condominiums and help low-income residents decrease energy usage and utility costs through audits, retrofits, and clean energy improvements.

A 66-unit apartment building in Bridgeport is now enjoying the benefits of rooftop solar panels, while a 157-unit building in Waterbury has the advantage of energy efficiency, along with health and safety improvements. The first-year savings for the Waterbury project is expected to be over $248,000!

In addition, in the first three months of 2018, C4C has made loans to 566 individual homeowners (totaling over $6 million) to make energy upgrades.

For the traditionalists out there, C4C also funds new construction like the units pictured above in Ansonia. These are considered ‘net zero housing’ because the total amount of energy they will use on an annual basis is roughly equal to the amount of renewable energy created.

Check out all of C4C’s great work at their website.