Albert Berriz wouldn’t have invested just under $6 million to use green construction to rehabilitate an affordable property without an incentive.
Through the U.S. Department of Housing and Urban Development’s (HUD’s) Green Retrofit program, Berriz’s team at Ann Arbor, Mich.–based McKinley was able to secure a $5.99 million loan with 1 percent interest to make the property environmentally friendly.
The competitive loan called for creative proposals from developers across the nation and awarded Berriz, CEO, and the team at McKinley with the second-largest retrofit loan in 2012 for a rehabilitation project in Taylor, Mich.
The $5.9 million loan was awarded to the Ponds at the Villages of Taylor and helped to renovate the community to be more sustainable and environmentally friendly.
Read more...How Green Construction Pays - Green Building - Multifamily Executive Magazine
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