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August 20, 2019

Green Bank helps city housing co-op get energy-friendly

PHOTO | Pixabay.com
By Michelle Tuccitto Sullo

When residents of an aging New Haven apartment complex saw a sudden large spike in energy costs, they knew they needed to find out what was going on.

Seabury Cooperative is a two-building complex with 88 apartments at the corner of Elm and Howe streets. The complex was constructed in 1973, and its electric HVAC systems were showing their age. Over a two-year period, the property’s electricity costs reportedly rose 50 percent. 

The residents reached out to the United Illuminating Co., which performed an energy audit and referred them to the Connecticut Green Bank for help. Created by the General Assembly in 2011, the bank helps fund energy efficiency projects throughout Connecticut.

According to a bank announcement, the cooperative has closed on an initial loan, the first installment of a more than $500,000 operating bridge loan.

Rudy Sturk, senior manager of marketing innovation & communication strategy with the Connecticut Green Bank, said the bank worked with the Urban Homesteading Assistance Board (UHAB) of New York City and the Housing Development Fund (HDF) to help Seabury residents obtain financing. The HDF is a Connecticut-based nonprofit formed in 1989 to finance the development of affordable housing.

According to Sturk, this financing is “helping the owners make important energy and health/safety-related improvements to this affordable property.”  

The funds will help improve the complex’s energy efficiency to help residents save money, according to Green Bank. This initial financing will cover the cost of pre-development work so the residents can secure permanent financing. The residents need first to hire an architectural and engineering team to plan and design the replacement of the HVAC systems, evaluate the roof and windows and go out to bid for construction. 

Demetria Lindsey, president of the cooperative’s board, said the resident-owners of Seabury are “excited to move ahead with long-needed improvements to our home.” 

Kim Stevenson, director of multifamily programs for Green Bank, said it is focused on helping residents and property owners “reduce their energy expenses through the financing of renewables and efficiency projects.”

The goal, according to Stevenson, is to make a difference in communities’  sustainability and financial viability.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com

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