(SAN FRANCISCO) – Monday, November 29, 2010 – The San Francisco Foundation and Hull Family Foundation announced today that they each awarded $250,000 in program-related investments (PRIs) to Enterprise Community Partners’ affiliate the Enterprise Community Loan Fund, a national community development financial institution, for the Enterprise Bay Area Green Retrofit pilot program. Operational in Northern California, the pilot program is designed to provide technical assistance and funding necessary to complete energy-efficient audits and retrofitting activities.
“Thanks to the contributions of The San Francisco Foundation and the Hull Family Foundation, innovative financing for sustainability efforts in affordable multifamily housing has been given a significant boost in San Francisco,” said Lori Chatman, president of Enterprise Community Loan Fund. “Program-related investment funding has an immense benefit to the nonprofit community, and the Enterprise Bay Area Green Retrofit program will support nonprofit owners in greening their existing affordable housing properties.”
Often used for affordable housing investment, PRIs attract and leverage public-private financing provided by large investors, such as banks and public agencies. The Enterprise Bay Area Green Retrofit pilot program recently became part of the Energy Upgrade California/Bay Area Multifamily Fund (BAMF) in order to provide funding opportunities for its retrofit activities. A lending source for building owners, BAMF is managed by the Enterprise Community Loan Fund and its partner the Low Income Investment Fund, and is supported in part by the California State Energy Program (SEP), which was authorized by the American Reinvestment and Recovery Act of 2009. The San Francisco Foundation and the Hull Family Foundation investments act as senior debt in the fund and will be matched by an equal amount of capital from the SEP. The total fund amount is $4 million.
Last year, Enterprise launched the next generation of Enterprise Green Communities, a $4 billion commitment to accelerate green affordable housing nationwide and a national call to action to public, private, and nonprofit sectors to make all affordable housing green by 2020. Modeled after the Enterprise Green Retrofit pilot program, the Affordable Housing Multifamily Retrofit Initiative is the first retrofit fund on the West Coast.
“PRIs are a powerful tool that recycles capital, helps unlock much-needed credit for nonprofits, and leverages additional capital into under-served or under-invested communities,” said Sandra R. Hernández, M.D., chief executive officer of The San Francisco Foundation. “As the community foundation of the Bay Area, we are committed to delivering the most impact possible to strengthen our region. We are honored to work with Enterprise and all its partners to help provide energy and cost savings for the long run.”