Refinance Loan Helps Affordable Community Go Green

Enterprise Community Investment Inc. has closed a loan that will ultimately allow an affordable housing community to become more energy efficient. The loan, which is to non-profit affordable housing owner LINC Housing Corporation, was closed under the Green Refinance Plus program, which is a partnership between Fannie Mae and HUD. The $19.4 million refinance loan to LINC is for City Gardens, an affordable community in Santa Ana, Calif. City Gardens includes 274 units and houses mostly families with children. The loan provided $1.5 million for the apartment community. Energy-efficient improvements will include replacing gas-fired furnaces with Energy Star furnaces, installing low-flow plumbing fixtures and adding energy-efficient lighting in units and common areas.

Multi-Housing News

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