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Energy Savers Mortgage

General Information and Structure

Lender: 
Community Investment Corporation
Lending Type: 
CDFI
Jurisdiction: 
Chicago and suburbs, IL

One-stop energy efficiency shop for multifamily building owners, Energy Savers is a partnership between CIC and Elevate Energy that connects technical expertise with creative financing for energy and water retrofits. The program offers energy assessments at no cost to owner, resource coordination, construction management and post retrofit analysis. Sources of capital for the program are McArthur Foundation PRI, Bank of America PRI, government funded loss reserves and CIC investor banks.

Active or Closed Program?: 
Active
Years Offered: 
2008 - Present
Eligibility Criteria: 
naturally occuring affordable rental housing, 5+units
Type of Financing: 
Mini-Permanent/Permanent
Loan Size Range: 
Not specified
Type of Improvements Covered: 
Energy efficiency, Water efficiency, Renewable energy

Financing Details

When is the Product Applicable?: 
Acquisition
Refinancing
Interest Rate: 
Same as CIC's standard adjustable rate mortgages.
Maturity: 
10 years
Security: 
Secured - real estate

Results/Impact

Loans Issued Annually: 
Approx. 15
Loan Volume Annually: 
Approx. $2,000,000
Impact : 
Over the life of the program, the Energy Savers partnership between CIC and Elevate Energy has retrofitted more than 33,000 units in 760 buildings, with CIC loans and grants totaling $25 million for more than 10,000 units. This has resulted in 621 jobs created, 7.9M therms saved, 21.5M kWh saved, and 61,690 metric tons CO2e avoided.

Additional Information

Point of Contact: 
Katherine Elmore, Katherine.elmore@cicchicago.com, 312-870-2386