Today the Environmental Defense Fund published PACE Financing Opportunities in the Affordable Multifamily Housing Sector, written by Laura Sanchez, an EDF Climate Corp Fellow and Masters in Public Policy candidate at UC Berkeley’s Goldman School of Public Policy focusing on energy markets and sustainability.
The City of Austin, the Environmental Defense Fund, and the Texas PACE Authority – together with affordable housing industry stakeholders – explored using PACE financing in affordable multifamily housing properties as a means to increase the city’s housing affordability, increase property owner’s operating profits, and improve the living condition of tenants. The final outcome of this collaborative effort is the paper, which:
- Lists potential opportunities for the affordable multifamily housing sector to leverage PACE, including properties under the U.S. Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program, and properties that are funded by the U.S. Department of Agriculture Rural Development (USDA RD) program;
- Provides specific guidance for affordable multifamily housing stakeholders incorporating PACE financing in the capital structure of rehabilitation projects reflecting variables including the policies of the public agency(ies) providing subsidies or direct capital, the existence and type of utility allowances, and the type of metering;
- Identifies potential pilot projects in Central Texas that serve as example of how PACE financing may be used within the affordable multifamily housing sector; and
- Makes recommendations to federal, state, and local governments to improve the effectiveness of PACE utilization in the affordable multifamily housing sector.
The Texas PACE Authority thanks the EDF for the opportunity to host Laura Sanchez as a Climate Corp, and congratulates Laura on her excellent work and this report.
Nonprofits and companies are encouraged to engage a Climate Corp Fellow.
For more information visit the Climate Corp Fellowship website.